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Explain the difference between modified duration and effective duration. In your also give an example of when the difference can be dramatic.
Purely Competitive Firm
A company operating in a market with many sellers offering identical products, where no single seller can influence the market price.
Downward-sloping
A description of a line or curve on a graph that represents a decrease in one variable in response to an increase in another variable, commonly used to describe demand curves in economics.
Demand Curve
A visual chart demonstrating the link between an item's price and the amount consumers are willing to buy at those prices.
Purely Competitive Industry
A market structure characterized by many sellers offering identical products, where no single seller can influence the market price.
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