Examlex
What is convergence theory?
Colluding Firms
Companies that agree, often covertly, to work together, typically to set prices or market conditions, in order to reduce competition.
Cost Function
A mathematical expression that calculates the total cost of producing a certain number of goods or services.
Market Demand
The aggregate quantity of a good or service that all consumers in a market are willing and able to purchase at different prices.
Stackelberg Leader
The Stackelberg leader refers to the dominant firm in a duopoly that makes its production decision first, thereby influencing the market actions of the following competitor.
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