Examlex
In ancient Italy, prosperous landowners second in wealth and status to the senatorial aristocracy were called equites. The Roman emperors allied with this group to...
Kinked-Demand Curve
A demand curve that has a flatter slope above the current price than below the current price. Applies to a noncollusive oligopoly firm if its rivals will match any price decrease but ignore any price increase.
Noncollusive
Describes competitive behavior among firms in an industry that do not engage in collusion or agreements to control prices or market shares.
Oligopoly Situation
A market structure characterized by a small number of firms that have significant control over market prices and competition.
Repeated Games
A game played by the same participants multiple times, allowing for the development of strategies based on previous outcomes.
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