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Steckelberg equilibrium
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The Steckelberg equilibrium is a concept in economics that refers to a situation where firms in an industry compete on price rather than quantity, leading to a stable market equilibrium. In this model, firms set their prices and then consumers choose how much to buy based on those prices, rather than firms setting quantities and letting prices adjust to clear the market. This type of equilibrium is named after American economist Richard Steckelberg.
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