An Equilibrium in Which Each Firm in an Oligopoly Maximizes

question 355

Multiple Choice

An equilibrium in which each firm in an oligopoly maximizes profit, given the actions of its rivals, is called

• A)a general equilibrium.
• B)a dominant equilibrium.
• C)a Nash equilibrium.
• D)an oligopoly equilibrium.

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Definitions:

Compliment Close

A sales technique where the seller compliments the potential buyer in a genuine manner to create a positive end to a sales interaction, hoping to secure the sale.

Assumptive Close

A sales technique where the seller assumes that the customer has already decided to purchase and moves straight to the closing phase.

Closing Technique

A sales strategy or method employed to persuade a customer to make a purchase or commit to an action, effectively finalizing the deal.

Prospect Order

The action of a potential buyer indicating their intention to purchase a product or service, often considered a critical step in the sales process.