There is a complex flow of thinking required to make thoughtful decisions about reaching price competition. Such decisions begin with the assumption that one or more competitors have reduced their pri

There is a complex flow of thinking required to make thoughtful decisions about reaching price competition. Such decisions begin with the assumption that one or more competitors have reduced their prices or have introduced new products that offer at least some of the supplier’s buyers more value for their money.”  How would your response differ if this was an oligopolistic supplier as opposed to a monopolistically competitive supplier?  What difference would it make if the products had or did not have substitutes?  Explain your answer.