Which of the Following Statements Is Correct for an Oligopoly

question 11

Multiple Choice

Which of the following statements is correct for an oligopoly firm with a kinked-demand curve?

• A)It will increase its total revenue by raising its price but lower it by decreasing its price.
• B)It will decrease its total revenue by raising its price but raise it by decreasing its price.
• C)It will increase its total revenue by either raising or lowering its price.
• D)It will decrease its total revenue by either raising or lowering its price.
• E)Its total revenue will not change regardless of whether it raises or lowers its price.

Recognize the limitations and legal consequences when an agent acts beyond their authority.

Appreciate the effects of illegal activities or changes in law on the agency relationship.

Comprehend the process and requirements for agency contracts' ratification by principals.

Learn about the rights and obligations of parties in case of undisclosed principal.

---

Definitions:

Gold Standard

A currency where the value is determined by the ability to trade it for a specified amount of gold (i.e., $1 for 1/35 of an ounce) at a government-approved bank.

Currency Value

The worth of a currency in terms of the amount of goods or services that one unit of the currency can purchase.

Government-Approved Bank

A financial institution that has received official authorization from the government to operate within certain regulatory standards.

Depreciation

The reduction in the value of an asset over time, particularly due to wear and tear.