If the majority of firms in an industry modify their prices only when the industry leader modifies its prices, then these firms are using the _____ pricing strategy.
A) cost-plus
B) demand-based
C) competition-based
D) combination pricing

Question

Quizplus · Accepted Answer

These firms are using a competition-based pricing strategy, as they adjust their prices based on the actions of the industry leader.

If the Majority of Firms in an Industry Modify Their