The Manner in Which One Oligopolist Reacts to a Change

question 5

Multiple Choice

The manner in which one oligopolist reacts to a change in price, output, or quality made by another oligopolist in the industry is

• A) a cooperative game.
• B) the reaction function.
• C) a zero-sum game.
• D) the concentration ratio.

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Definitions:

Metacognition

The self-recognition and comprehension of one's cognitive activities, commonly described as "contemplating one's own thoughts."

Working Memory

A cognitive system with a limited capacity that is responsible for temporarily holding information available for processing.

Rehearsal

A cognitive process in which information is repeated over and over as a possible way of learning and remembering it.

Metacognition

Awareness and understanding of one's own thought processes, often referred to as "thinking about thinking."