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2. Answer all parts of the quests below and show your work for full credit. What...

2. Answer all parts of the quests below and show your work for full credit.

  • What assumptions about a rival’s response to price changes underlie the kinked-demand curve for oligopolists?
  • Why is there a gap in the oligopolist’s marginal-revenue curve?
  • How does the kinked-demand curve explain price rigidity in oligopoly?
  • What are the shortcomings of the kinked-demand model?  
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