Briefly and Concisely Define the Following Terms and Explain Their

question 205

Essay

Briefly and concisely define the following terms and explain their importance in the study of economics.
a. excess capacity theorem
b. price leadership
c. kinked demand curve
d. perfectly contestable market

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Definitions:

Applied voltage

The external voltage applied across a component or circuit, causing electric current to pass through it.

Circuit

A closed path through which electric current flows or may flow.

Reactive Power

The portion of electricity that establishes and sustains the electric and magnetic fields in AC operations, measured in volt-amperes reactive (VAR).

RLC Series Circuit

A circuit configuration comprising a resistor (R), inductor (L), and capacitor (C) connected in series.