Examlex
)Describe the advantages and disadvantages of sole proprietorship as a business form.
Linear Demand
A demand model in which the relationship between quantity demanded and price is a straight line, indicating a constant rate of change in quantity demanded for changes in price.
Cournot Equilibrium
A state in an oligopoly market where each firm chooses its quantity to maximize its profit, assuming the quantities of its competitors are fixed.
Collude
To engage in secret or illegal cooperation or conspiracy, especially in order to cheat or deceive others.
Stackelberg Duopoly
A model of imperfect competition in which one firm sets its output first, influencing the market response of the other firm.
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