Examlex
Photochemical smog results from the interaction of sunlight with the combustion products of automobiles.
Homogeneous Product
Goods that are perfectly identical in quality, style, and substance, making them indistinguishable from products produced by competing companies.
Kinked Demand Curve Model
A model in oligopoly markets suggesting that firms may not change their prices because an increase could be ignored by rivals, while a decrease might be matched.
Price Stability
A situation in an economy where prices in general do not change significantly over time, minimizing uncertainty and conducive to economic growth.
Oligopolies
Market structures characterized by a small number of firms that have significant market power, which can influence prices and output levels.
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