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Traditional African masks. Traditional African masks are worn in ceremonies and rituals across West, Central, and Southern Africa. They are used in events such as harvest celebrations, funerals, rites of passage, weddings, and coronations. Some societies also use masks to resolve disputes and conflicts.
In monopolistic competition, a company takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other companies. [1][2] If this happens in the presence of a coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the company maintains ...
Contestable markets are characterized by "hit and run" competition; if a firm in a contestable market raises its prices so as to begin to earn excess profits, potential rivals will enter the market, hoping to exploit the high price for easy profit. When the original incumbent firm(s) respond by returning prices to levels consistent with normal ...
Monopolistic competition in international trade. Monopolistic competition models are used under the rubric of imperfect competition in International Economics. This model is a derivative of the monopolistic competition model that is part of basic economics. Here, it is tailored to international trade.
The Festival International des Masques et des Arts (International Festival of Masks and the Arts), or FESTIMA, is a cultural festival celebrating traditional African masks held in Dédougou, Burkina Faso. [1] Founded to help preserve traditional cultural practices in the modern age, FESTIMA features masks and traditions from several West ...
Economics. In economics, competition is a scenario where different economic firms [Note 1] are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies ...
Dixit–Stiglitz model. Dixit–Stiglitz model is a model of monopolistic competition developed by Avinash Dixit and Joseph Stiglitz (1977). [1] It has been used in many fields of economics including macroeconomics, economic geography and international trade theory. The model formalises consumers' preferences for product variety by using a CES ...
In microeconomics, the Bertrand–Edgeworth model of price-setting oligopoly looks at what happens when there is a homogeneous product (i.e. consumers want to buy from the cheapest seller) where there is a limit to the output of firms which are willing and able to sell at a particular price. This differs from the Bertrand competition model ...