Refer to Figure 25

question 111

Multiple Choice

Refer to Figure 25.1 for an oligopoly firm.Assume that the existing price and quantity are $10 and 2,000 units.Which of the following statements is most likely correct?

• A) Demand curves D₁ and D₂ both assume that rivals will not match any price changes.
• B) Demand curves D₁ and D₂ both assume that rivals match any price changes.
• C) Demand curve D₁ assumes that rivals do not match price changes.
• D) Demand curve D₂ assumes that rivals do not match price changes.

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Definitions:

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