In Oligopoly, Any Action by One Firm to Change Price

question 234

Multiple Choice

In oligopoly, any action by one firm to change price, output, or quality causes

• A) a reaction by other firms.
• B) no reaction from the other firms.
• C) a profit gain for the other firms.
• D) loss of market share by the acting firm.

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Definitions:

Evening Gown

A long flowing women's dress, usually worn to formal events.

Modification

The act of making changes to something, often to improve it or to make it suitable for a different purpose.

Balance Outstanding

The amount of money that remains unpaid on a loan, mortgage, or other financial obligation at any given time.

Traditional Media

Forms of mass communication such as newspapers, television, and radio that have been commonly used prior to the digital era.