price stickiness
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price stickiness
the tendency for PRICES to adjust slowly in response to EXCESS SUPPLY and EXCESS DEMAND in product markets. Price stickiness is often encountered in oligopolistic markets where interdependence between suppliers makes each supplier cautious about making price changes. See OLIGOPOLY, KINKED DEMAND CURVE.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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