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13 March, 00:26

An industry comprising a small number of firms, each of which considers the potential reactions of its rivals in making-price output decisions, is called a. monopolistic competitionb. oligopolyc. pure monopolyd. pure competition

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  1. 13 March, 01:35
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    The correct answer is option b.

    Explanation:

    Oligopoly is the form of market where there are few firms which are interdependent on each other. The price and output decisions of a firm affect its competitor firms in the market who are likely to react accordingly.

    That's why an oligopoly firm takes into account the reaction of its rival in making price-output decisions.
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