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:

Development

The process of growth, progress, or improvement in a particular area, often over time.

Performance Potential

Refers to the maximum level of productivity or achievement that an individual or group can attain under ideal circumstances.

Base Remuneration

Is a salary or hourly wage paid to an individual.

Fringe Benefits

Additional benefits supplementing an employee's salary, such as health insurance, paid vacations, and retirement plans, which are not paid directly as cash to an individual.