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Homogeneous Oligopolists
Firms within an oligopoly market structure that offer products or services that are very similar, making them close substitutes for each other.
Pure Monopoly
A market structure where a single firm controls the entire market for a product or service, with no close substitutes.
Kinked-Demand Curve
A demand curve that has a distinct bend or "kink" at a certain price level, often used to describe price stability in oligopolistic markets.
Highly Elastic
Refers to a market condition where the demand or supply for a product responds very significantly to changes in its price.
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