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Demand below the equilibrium price is inelastic in a kinked demand curve model of an oligopoly.
Supply and Demand
The fundamental economic model describing how prices vary as a result of a balance between product availability and the desire of buyers.
Quantity Demanded
The aggregate quantity of a product or service that buyers are prepared to buy at a specific price point.
Demand Decreased
A situation where there is a reduction in the quantity of a product or service that consumers are willing or able to buy at given prices.
Supply Increased
A situation where the quantity of goods or services that producers are willing to offer for sale at a given price level rises.
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