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20 October, 08:41

Firms must consider the possible reaction of rivals to their own decisions and actions in

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  1. 20 October, 09:43
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    The correct answer is oligopoly.

    Explanation:

    An oligopoly is a market structure in which there are a few firms that are dominant in the market. These firms may produce identical or differentiated products.

    Because of a few firms in the market, the firms are interdependent on each other. Market decisions of a firm affect its rivals.

    That is why before making their own decisions, the firms have to consider the reaction of their rivals.
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