Price is an informal method that firms in an oligopoly may employ to set the price of their product: One firm (the leader) is the first to announce a change in price, and the other firms (the followers) soon announce identical or similar changes. Question 7 (1 point)

The correct answer is Leadership.

Explanation:

Price leadership is a form of tacit collusion in which members of the oligopoly decide to set the same price that the industry leader set.

The Price Leader may be the lowest cost company or the largest company in the industry.

A company has price leadership when pricing the products of its industry and other companies, often much lower than the leader, always with adjustments. This generally happens when the products do not show great differences nor is there sufficient demand for each of the competitors to remain profitable after the price change.

i know right it’s not fair some people are just so rude unlike you your actually trying to get to know people and i think that is very kind

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.