Examlex
A locust is a grasshopper.
Profit Maximizing Price
The price at which a firm can generate the highest possible profit, determined by the intersection of the firm's supply curve and the market demand curve.
Profit Maximizing
The process of finding the level of output where a firm achieves the maximum possible profit.
Kinked Demand Curve Model
Oligopoly model in which each firm faces a demand curve kinked at the currently prevailing price: at higher prices demand is very elastic, whereas at lower prices it is inelastic.
Rivals' Price
The cost set by competing businesses for similar products or services in the market.
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