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Mutual Interdependence in Oligopolies

Explain the meaning of the term "mutual interdependence" as it applies to oligopolies. Give an example.

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"Mutual interdependence" is the term used to describe oligopolies. It means there are so few sellers in the industry that firms must consider their competitors' reactions when they make ...

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This solution explains why the term "mutual interdependence" is used to describe oligopolies and gives an example of two well-known firms.