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KINKED-DEMAND CURVE: A demand curve with two distinct segments with different elasticities that join to form a kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is directly based on the interdependent decision-making of oligopolistic firms.

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SCARCE

A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.

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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for infected paper cuts.
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John Maynard Keynes was born the same year Karl Marx died.
"The art of leadership is saying no, not yes. It is very easy to say yes. "

-- Tony Blair, British prime minister

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