If an Oligopolist Cuts the Prices of Its Products

question 4

Multiple Choice

If an oligopolist cuts the prices of its products,

• A)customers will switch to a rival firm.
• B)customers will remain unchanged in number.
• C)customers will switch from rival firms to buy from them.
• D)rival firms will not react.

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Definitions:

Work Sampling

A statistical method used to estimate how much time is spent on different activities, by taking random samples and observing at those times.

Time Studies

The process of measuring the time required to complete work tasks, often for the purpose of improving efficiency or setting time standards.

Flexible Workweek

An alternative work arrangement allowing employees to choose their working hours within agreed-upon limits.

Shifts

Changes or movements in personnel, time periods for work, or positions, often referring to the scheduling of work periods.