If dominating companies in an industry cut prices until competitors leave the market, and then raise prices again, they are engaging in:

A. destructive competition.
B. pure competition.
C. monopolistic competition.
D. perfect competition.

Answer: A. destructive competition.

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The customers of Parry's Hair Salon have noticed that the quality of a haircut depends on who provides it as well as when, where, and how the service is provided. Which of the following characteristics of service is evident in this instance?

A) service intangibility B) service inseparability C) service perishability D) service variability E) service distinction

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In which of the following cases did the court state "the courts retain the

authority to check agency policymaking for procedural compliance and for arbitrariness. But the courts cannot properly reexamine the wisdom of an agency-promulgated policy…"? a. Chevron, U.S.A., Inc. v. Natural Resources Defense Council, Inc. b. Brock v. Roadway Express, Inc. c. Gonzalez v. Reno d. General Motors v. Federal Energy Regulatory Commission

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