Examlex
Some of Pavlov's dogs learned to salivate to the sound of one particular tone and not to other tones.This illustrates the process of
Duopoly
A market structure where only two sellers compete directly against each other, offering similar goods or services.
Collude
When two or more entities, often companies, agree to work together secretly, especially in an illegal or deceitful way, to deceive, mislead, or defraud others of their legal rights, or to obtain an unfair advantage.
Profit
The financial gain realized when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.
Kinked-demand Curve
A demand curve that has a distinct bend or kink, typically illustrating that a firm in an oligopoly will experience a different elasticity of demand for price increases compared to price decreases.
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