Question
In an oligopoly, firms consider the reactions of rival
firms before changing their output or price. This is known as:Solution
Solution: Oligopoly markets are characterized by few large firms, so each firm’s decisions affect others. Because of this, firms anticipate reactions of rivals before making pricing or output decisions. This behavior is called strategic interdependence. Price leadership and collusion are specific strategies within oligopoly.
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I.The Reser...
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