In Oligopolies, a Price Leader Usually Emerges and Sets a Price

question 26

True/False

In oligopolies, a price leader usually emerges and sets a price for all to follow.

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Definitions:

Normal Good

An item whose demand grows when the income of consumers goes up, and diminishes when their income goes down.

Used Cars

Pre-owned vehicles that have had one or more retail owners, sold through various outlets including dealerships and private sales.

Input Production

The process of using resources (inputs) to create goods or services.

Substitutes Consumption

Refers to the consumption of goods that can replace each other in use, affecting the demand for these goods.