Celeste Has a 4-Year Old Daughter and Often Employs One

Short Answer

Celeste has a 4-year old daughter and often employs one of the many teenagers in her neighborhood who regularly baby-sit.When one of the teens raised her price to $5.75 per hour,all of the other babysitters followed suite.Not surprisingly,when another teen tried to increase his babysitting hours by lowering his rate to $5.25,all of the other teens made the same reduction in their rates.What kind of a competition-based strategy does this example depict?