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Oligopoly- there are many buyers but few sellers. • Oligopsony- is a market form in which the number of buyers is small while the number of sellers in theory could be large. • Perfect Market - a theoretical market in which buyers and sellers are so numerous and well informed that monopoly is absent and market prices cannot be manipulated. • Duopoly -A duopoly is a type of oligopoly where two firms have dominant or exclusive control over a market. It is the most commonly studied form of oligopoly due to its simplicity. • Monopsony-a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.
A table indicating various levels of demand at various prices is termed as
Demand analysis includes
Under perfect competition, the long-run equilibrium of the firm is established at
The positive cross elasticity of demand between two products means the two products
When the economist speaks of an increase in demand, he is usually referring to a ____________________
The statement, "The elasticity of demand may be defined as the percentage change in quantity demanded which would result from 1 percent change in price"...
Pricing decision includes
Movement along a demand curve as a result of change in price is known as
From the resource allocation point of view, perfect competition is preferable because
The reasons for L-shaped long run average cost curve is/are
