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rational, self interested consumers

rational, profit maximizing firms

competitive markets with price taking behavior

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Is cigarette market a perfectly competitive market?

There is no such thing as a perfectly competitive market. It is merely a economic model to compare other market structures to. Cigarette market is more likely a oligopoly.


Example of Poter's competitive forces model in Indian organization?

It is not possible to answer this question since the name Poter, is not recognised.


Is housing property market perfect competition?

No. There is no such thing as a perfectly competitive market, as it is only used as a model in economics.


What is the conventional model devised for studying the oligopoly market structure on the kinked demand curve explain the essential elements of this model?

The kinked demand curve model explains oligopoly pricing behavior by illustrating how firms react to competitors' price changes. In this model, the demand curve is kinked at the current market price: if a firm raises its price, it loses customers to competitors (indicating elastic demand); if it lowers its price, competitors will also lower theirs, leading to minimal gain in market share (indicating inelastic demand). This creates a price rigidity where firms are reluctant to change prices, resulting in stable prices despite changes in costs. The essential elements include the kinked demand curve, the asymmetric response of firms to price changes, and the resulting price stability in the market.


Types of strategies used in strategic planning for achieving global competitive advantage?

refer to michale portes five forces model

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