Two Characteristics of Oligopoly Pricing That Have Frequently Been Observed

question 104

Multiple Choice

Two characteristics of oligopoly pricing that have frequently been observed are that

• A)oligopolistic prices tend to be "sticky" or inflexible, and when the firms do change their prices, they tend to do so together.
• B)oligopolistic firms' prices tend to fluctuate a lot, and these prices tend to move together with each other.
• C)oligopolists tend to practice a lot of price discrimination, and there tends to be a wide variance in oligopoly pricing.
• D)oligopolistic firms' prices tend to fluctuate a lot, and there tends to be a wide variance in oligopoly pricing.

Understand the concepts and principles of compensatory damages in contract breaches.

Identify and analyze various remedies available for breach of contracts, including specific performance and liquidated damages.

Differentiate between compensatory damages, punitive damages, and nominal damages.

Explain the importance of mitigating damages and the obligation of the non-breaching party to do so.

---

Definitions:

Reasonable Effort

The degree of diligence and attention expected under certain circumstances, typically what a reasonable person would do.

Nonconforming Goods

Merchandise that does not meet the specifications or requirements as outlined in a contract.

Not a Merchant

Refers to an individual or entity that does not engage in buying, selling, or trading of goods or services in a particular market, and thus may not be held to certain legal standards applicable to merchants.

Return the Goods

The process of a buyer sending previously purchased products back to the seller, usually under conditions specified in the return policy.