if one firm operating in an oligopoly raises its price and other firms do not do so,

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08-12-2022
Business

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if one firm operating in an oligopoly raises its price and other firms do not do so,

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RupaBera RupaBera · Answer 1 · 2022-12-14T20:22:39+01:00

If one company in an oligopoly raises its price while the other companies do not, the higher-priced company will experience a slight decline in sales.

Give a brief explanation of whether an oligopoly's businesses will act more like monopolies or more like rivals.

If there is fierce rivalry, which would push prices down and produce no profits for anyone, oligopolists may behave almost exactly like ideal rivals. Oligopolists may be able to act like a monopoly, raise prices, and provide a consistent flow of high profits if they work together in a conspiracy.

What happens when prices rise in an oligopoly?

The resistance to price increases by oligopolistic businesses is explained by the kinked-demand curve. When one of them raises the price, the competitor gains market share.

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