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How many grams are in 1 kg?
Inelastic Demand
A situation where the demand for a good or service changes very little in response to changes in price.
Cournot Model
A model of oligopoly in which firms choose their output levels simultaneously, assuming the output of the rivals as given, to maximize their own profit.
Collude
To come to a secret understanding for a harmful purpose; conspiracy between firms to fix prices or otherwise restrict competition.
Tacit Collusion
A situation where firms in a market understand each other's behaviors and outcomes without direct communication, leading to a form of non-competitive equilibrium.
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