IF CHRYSLER RAISES THE PRICES OF ITS NEW MODELS OF PICKUP TRUCKS B...

72. - TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL 72. - TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
TEST BANK FOR BUSINESS A CHANGING WORLD 5TH CANADIAN EDITION BY FERRELL
72. If Chrysler raises the prices of its new models of pickup trucks by 4 percent and General Motors and Ford follow by raising prices by a similar amount, then this is evidence ofa monopoly.→ an oligopoly.pure competition.monopolistic competition.supply and demand.The prices charged by different firms in an oligopoly stay fairly close because a price cut or increase by one company will trigger a similar response by another company. Accessibility: Keyboard NavigationBloom's: ApplicationDifficulty: MediumLearning Objective: 01-04 Describe the role of supply; Multiple Choice Question demand; and competition in a free-enterprise system.