When Toyota experienced declining sales as a result of quality and safety issues, it began offering buyer incentives to new-car buyers. Nearly immediately, Ford and General Motors began similar promotions. These businesses

represent an oligopoly in which there are few sellers, and each seller has considerable control over price (T/F)

Question

Business

Chad Warner

30 January, 09:17

When Toyota experienced declining sales as a result of quality and safety issues, it began offering buyer incentives to new-car buyers. Nearly immediately, Ford and General Motors began similar promotions. These businesses

represent an oligopoly in which there are few sellers, and each seller has considerable control over price (T/F)

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Answers (1)

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Isaac Hinton · Answer 1

true

Explanation:

Based on the information provided within the question it can be said that the statement being made is completely true. Like mentioned in the statement, in an oligopoly the few BIG sellers in a market have complete control over the price. In this scenario Toyota, Ford and GM are the big sellers and when one adjusts their prices the other tend to adjust their prices accordingly in order to not lose their customers to the competition.