In What Way Does the Theory of the Kinked-Demand Curve

question 51

Multiple Choice

In what way does the theory of the kinked-demand curve explain price stability in an oligopoly industry?

• A)Because if the firm either raises or lowers its price,its total revenue will decrease.
• B)It assumes that rival firms will match any price increase and ignore any price decrease.
• C)It assumes that firms are in collusion with each other.
• D)It assumes that demand is inelastic above the established price and elastic below it.

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Definitions:

Personality Types

Categories used to describe and group individuals according to shared psychological traits, behaviors, and patterns.

Extraverted Sensing

A cognitive function in Jungian psychology that focuses on perceiving external stimuli in the present moment through the five senses.

Introverted Sensing

A cognitive function in psychological typologies, notably in the Myers-Briggs Type Indicator (MBTI), focused on recalling past experiences and sensing details in the immediate environment.

Persona Archetype

The public face or role a person presents to others.