1. Kinked demand curve is a feature of :

(A) Monopoly

(B) Oligopoly

(C) Monopsony

(d) Duopoly

Ans. (B) Oligopoly

The kinked-demand theory applies to oligopolistic markets where each firm sells a differentiated product. According to the kinked-demand theory, each firm will face two market demand curves for its product. At high prices, the firm faces the relatively elastic market demand curve. At low prices, the firm faces the relatively inelastic market demand curve. 

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