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Describe the essential features of the kinked-demand model of oligopoly pricing.
Visual Stimulus
Any object or event in the environment that draws visual attention or elicits a visual response.
Memory
The cognitive process of retaining and recalling information or experiences.
Habituation
the process by which an individual becomes accustomed to a stimulus after repeated exposure, leading to a decrease in their response.
Pay Less Attention
Act of giving reduced focus or importance to something, potentially leading to overlooking or ignoring it.
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