Refer to the diagram for a non-collusive oligopolist. We assume that the firm is initially in equilibrium at point E, where the equilibrium price and quantity are P and Q. If the firm's rivals will ignore any price increase but match any price reduction, the firm's marginal revenue curve will be (moving from left to right)
Definitions:
Recall-Ready
Refers to the state of being prepared and able to remember information easily when needed.
Intrinsic Notions
Ideas or motivations that are inherently satisfying or valuable, motivating behavior from within rather than by external rewards.
Intrinsically Motivated
This refers to being motivated by internal factors, such as personal satisfaction or interest, rather than external rewards or pressures.
George Kelly
An American psychologist known for his theory of personal constructs, which suggests people actively endeavor to understand the world.
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