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1. The kinked demand curve explains
Price rigidity
Price flexibility
Demand rigidity
Demand flexibility
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2. Imperfect competition was introduced by
Marshall
Chamberlin
Keynes
None
3. A situation in which the number of competing firms is relatively small is known as
Monopoly
Perfect competition
Monopsony
Oligopoly
4. Demand is a function of
Price
Firm
Product
Cost
5. The term group equilibrium is related to
Monopolistic competition
Duopoly
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