An Oligopolistic Price Leader Increases the Price of Its Product

question 103

Multiple Choice

An oligopolistic price leader increases the price of its product.If all other firms follow the leader's example,the price leader will:

• A) decrease its price.
• B) increase its price.
• C) maintain its new price.
• D) increase its quantity of output.

Apply principles for writing about people with disabilities with sensitivity and respect.

Understand the appropriate language and perspectives for discussing people with disabilities.

Identify when passive and active voices should be used in writing.

Recognize the required level of formality in technical communication.

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Definitions:

Say's Law

A principle stating that "supply creates its own demand," implying that production of goods and services will in turn generate enough demand for those goods and services.

Agricultural Production

The process and outcome of cultivating crops and livestock for human use and consumption.

Interest Rate

The percentage of a sum of money charged for its use, often expressed as an annual percentage.

Say's Law

A principle attributed to French economist Jean-Baptiste Say, suggesting that supply creates its own demand, meaning production inherently generates the demand for goods and services.