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Define the term understanding oligopoly.
Understanding Oligopoly;
One possibility when the two companies will engage into collusion, Sellers engage into collusion while they cooperate to increase each others’ profits.
The strongest type of collusion is a cartel, an agreement by various producers which increases their combined profits through telling each one how much to generate.
They may also engage within non-cooperative behavior, avoiding the effects of their actions onto each others’ profits.
Explain the importance of Managerial economics Managerial economics bridges the gap among 'theoria' and 'pracis'. The tenets of managerial economics have been derived from quan
bargaining power of customer for a cement company
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Disadvantages of a Free Economy The free market gives rise to certain inefficiencies called market failures i.e. where the market system fails to provide an optimal allocation
Asuume there are two inputs in the production function, labor & capital, and these two inputs are perfect substitutes. The existing technology permits one machine to do the work of
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