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12. In the price leadership model of oligopoly, a. firms coordinate their decisions to act as multiplant monopolies. b. one dominant firm takes the reactions

12. In the price leadership model of oligopoly,

a. firms coordinate their decisions to act as multiplant monopolies.

b. one dominant firm takes the reactions of all other firms into account in its output and pricing decisions

c. firms believe that price increases result in a very elastic demand, while price decreases result in aninelastic demand for their product.

d. each firm acts as a price taker.

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