Mutual interdependence means that each oligopolistic firm:
a. faces a perfectly elastic demand for its product.
b. must consider the reactions of its rivals when it determines its price policy.
c. produces a product identical to those of its rivals.
d. produces a product similar but not identical to the products of its rivals.

Question

04-04-2018
Business

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Mutual interdependence means that each oligopolistic firm:
a. faces a perfectly elastic demand for its product.
b. must consider the reactions of its rivals when it determines its price policy.
c. produces a product identical to those of its rivals.
d. produces a product similar but not identical to the products of its rivals.

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MrsTriplet MrsTriplet · Answer 1 · 2018-04-14T19:34:01+02:00

Mutual interdependence means that each oligopolistic firm must consider the reactions of its rivals when it determines its price policy.

An oligopoly has a limited amount of competition because there is a small amount of producers or sellers in the market. Because there is a small amount, they consider the reactions someone else may have if they change the the price policy. These firms can not keep each other from having a large influence over the market.