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What Is the Output Effect and the Price Effect? How

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What is the output effect and the price effect? How do these effects influence the output decision of an oligopolist?


Definitions:

Simplify

The process of reducing an expression or equation to its most basic form.

Division

One of the four basic operations in arithmetic, division calculates how many times a number (dividend) can be contained within another number (divisor).

Simplify

To reduce a complex expression to its simplest form by performing all possible operations and combining like terms.

Average

A statistical measure representing the central or typical value in a set of data, calculated usually as the sum of the values divided by the number of values.

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