When an oligopoly cuts its price to try and attract customers from rivals, it could lead to a price war

Briefly describe the practice of predatory pricing

An industry would be likely to lay off workers following:

A. An increase in the price of the firm's product B. An increase in the marginal revenue product of labor C. The imposition of a new minimum wage below the current equilibrium wage D. A successful attempt by an industrial union to push wages above the marginal revenue product of labor