According to the kinked demand curve theory, the behavior of firms in an oligopoly creates a demand curve that is at prices above the cartel price and at prices below the cartel price.

According to the kinked demand curve theory, this behavior creates a demand curve that is more elastic at prices above the cartel price and more inelastic at prices below the cartel price.

Explanation:

Oligopoly is a market structure with a small number of firms, none of which can keep the from from having significant influence in the same specialization they indulge in.

The kinked demand curve theory means that the response to a price increase is less than the response to a price decrease of the Olipolist in the market

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know