Examlex
Match the term with its definition:
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Cournot Duopolists
Firms in a market where only two producers exist and compete under the Cournot assumption, where each firm decides its production level assuming the output of its competitor is fixed.
Demand for Wine
The total quantity of wine that consumers are willing and able to purchase at various prices within a specific time period.
Imports
Goods and services purchased from other countries for domestic consumption, often contrasted with exports.
Reaction Function
In economics, it represents how one economic agent's decision changes in response to another's action, especially in competitive markets or games.
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