Question
According to the kinked demand curve model, if a firm
raises its price, competitors are likely to:Solution
Solution: The kinked demand curve model suggests that an oligopoly firm faces: · Elastic demand for price increases (rivals don’t follow, firm loses many customers). · Inelastic demand for price cuts (rivals match price cuts, firm gains few customers). Hence, firms avoid raising prices, leading to price rigidity.
CONTEMPORARY : DANCE :: TOADS :Â
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