An oligopoly where each firm believes that rivals will lower their prices in response to a price decrease, but will not change their prices in response to a price increase is called a

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18-07-2022
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An oligopoly where each firm believes that rivals will lower their prices in response to a price decrease, but will not change their prices in response to a price increase is called a

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tutorconsortium201 tutorconsortium201 · Answer 1 · 2022-07-24T20:37:55+02:00

An oligopoly where each firm believes that rivals will lower their prices in response to a price decrease, but will not change their prices in response to a price increase is called a Sweezy.

Instead than collecting prices from the market, companies in an oligopoly determine pricing, whether collectively—in a cartel—or under the direction of one enterprise.
As a result, profit margins are greater than they would be in a market with greater competition.
Reduce their costs. Small enough for actions made by one firm to have a big impact on those made by other companies in the same industry.

What means oligopoly?

An oligopoly is a market characterized by a small number of firms who realize they are interdependent in their pricing and output policies.
The number of firms is small enough to give each firm some market power.

Learn more about oligopoly

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