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Use the Kinked Demand Curve Model to Explain Why Prices

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Essay

Use the kinked demand curve model to explain why prices in oligopoly industries may remain constant for long periods of time.


Definitions:

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, which suggests that individuals have eight or more relatively independent intelligences.

Multiple Intelligences

A theory proposed by Howard Gardner, suggesting that intelligence is not a single general ability but consists of various distinct dimensions including linguistic, logical-mathematical, spatial, and more.

Bodily-Kinaesthetic Intelligence

One of Howard Gardner's multiple intelligences, referring to the capacity to manipulate objects and use a variety of physical skills.

Validity

The extent to which a test, instrument, or procedure accurately measures what it is intended to measure or achieves the intended purpose.

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