If a firm wants to be able to react swiftly to a competitor's price change, the firm should anticipate possible price changes and prepare contingency plans.

Question

Quizplus · Accepted Answer

By anticipating possible price changes and having contingency plans ready, a firm can respond quickly to a competitor's price change instead of being caught off guard and having to scramble for a response. This can help the firm maintain its competitive position and potentially even gain an advantage.

If a Firm Wants to Be Able to React Swiftly