If an Oligopolistic Firm Attempts to Increase Its Price

question 133

Multiple Choice

If an oligopolistic firm attempts to increase its price

• A) total revenue will increase.
• B) it faces an inelastic demand curve.
• C) it faces an elastic demand curve.
• D) competitors will match its increased price.

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Definitions:

Bandura's Model

Refers to Albert Bandura's Social Learning Theory, which emphasizes the importance of observing, modelling, and imitating the behaviors, attitudes, and emotional reactions of others.

Relatively Permanent

A term often used in the context of learning and memory, indicating changes in behavior or knowledge that are stable over time and not easily forgotten.

Sensory Stimuli

Environmental factors or changes that are detected by sensory organs, triggering responses or reactions in an organism.

Motivation

The inner force that drives individuals to accomplish personal and professional goals.