What Term Describes a Policy in Which a Firm Is

question 21

Multiple Choice

What term describes a policy in which a firm is prepared to match whatever change in strategy a competitor makes?

• A)Response strategy
• B)Always cooperate strategy
• C)Always aggress strategy
• D)Tit-for-tat strategy
• E)Trigger strategy

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Definitions:

Marginal Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen, especially in the context of resource allocation.

Production Possibilities Schedule

A table that shows the different combinations of two goods that can be produced with fixed resources and technology.

Tanks

Armored combat vehicles with heavy firepower and strong defensive capabilities, primarily used by military forces in ground warfare.

Opportunity Cost

The cost of foregone alternatives, or what is given up in order to pursue a certain action or decision.