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What is bounded rationality? How is it related to decision making?
Oligopoly
An economic configuration where a limited number of companies hold considerable authority over pricing and competitive dynamics in the market.
Barriers to Entry
Economic, procedural, regulatory, or technological factors that obstruct or restrict the ability of new competitors to enter and operate in a market or industry.
Interdependent Firms
Companies whose outcomes or performances are mutually influenced by each other's decisions and actions in the market.
Oligopoly
A market structure dominated by a small number of large firms, leading to limited competition and potentially higher prices and profits.
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