In pursing its own interest, an oligopoly firm will decide to increase production by 1 unit as long as the output effect is larger than the price effect. An oligopoly happens when there is limited competition because there are only a small number of producers or sellers in the market. Due to limited competition there is no need for most of these businesses to produce more unless the output is going to produce more and become sustainable for their consumers demand.
In the resource market we find the materials required for production.
<h3>What is resource market?</h3>
The resource market refers to a market where it is possible to find all or some of the resources that are necessary for the production of goods and services.
Businesses depend on the resource materials for the supply of materials that aid the process of production hence the both are interdependent on each other. It is different from product markets which involves the sale of finished goods to consumers.
Learn more about resource markets: brainly.com/question/3964664
Answer:
I would propose a business process improvement (BPI) where management will analyze business procedures and try to determine which ones can be improved and how they should be improved. The advantage of using BPI is that it focuses on organizing work around business processes and not individual tasks which makes it non-disruptive, and it is also incremental in nature.
