A Large Oligopolistic Firm That Unilaterally Makes Changes in Price

question 112

Multiple Choice

A large oligopolistic firm that unilaterally makes changes in price which competitors tend to follow is known as a:

• A) price leader.
• B) price maker.
• C) dominant strategy firm.
• D) cartel leader.

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Definitions:

Inborn Patterns

Innate behaviors or responses that are genetically programmed and evident from birth.

Need for Affiliation

A psychological drive that compels individuals to seek out social interactions and relationships.

Birth Order

The sequence at which a person is born in their family, which is thought to have an impact on their personality and psychological development.

Instincts

Innate, fixed patterns of behavior in animals in response to certain stimuli.