if one firm in a(n) ____________ cuts prices, this can take market share away from its competitors, forcing…

if one firm in a(n) ____________ cuts prices, this can take market share away from its competitors, forcing them to respond with similar price cuts in order to retain their market share.\n\na. multipoint competition\nb. monopoly\nc. cartel\nd. oligopoly\ne. price fixing agreement

if one firm in a(n) ____________ cuts prices, this can take market share away from its competitors, forcing them to respond with similar price cuts in order to retain their market share.\n\na. multipoint competition\nb. monopoly\nc. cartel\nd. oligopoly\ne. price fixing agreement

Answer

Brief Explanations:

In an oligopoly, a few firms dominate the market. When one firm cuts prices, it can gain market - share from competitors, who then often respond with similar price cuts to retain their market position. In a monopoly, there is only one firm. In a cartel, firms collude to set prices. Price - fixing agreements are illegal agreements to set prices. Multipoint competition involves competition across multiple markets or product lines.

Answer:

d. oligopoly