Examlex
Explain what a concept is and describe the relationship between concepts and indicator variables.
Outcome
The result or effect of an action, situation, or event, typically one that is important or considered significant.
Duopoly
Duopoly is a market structure characterized by two firms controlling the majority of the market share, often leading to strategic behavior in price and output decisions.
Profit
The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Collusion
An agreement among firms, usually in secret, to fix prices or to divide markets among themselves, which restricts competition.
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