define equilibrium in duopoly market
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Answer:
A duopoly is a market in which two firms sell a product to a large number of consumers. Each consumer is too small to affect the market price for the product: that is, on the buyers' side, the market is competitive.
A condition in which all influences acting upon it are canceled by others, resulting in a stable, balanced, or unchanging system. The state of a chemical reaction in which its forward and reverse reactions occur at equal rates so that the concentration of the reactants and products does not change with time
A duopoly is a form of oligopoly, where only two companies dominate the market. The companies in a duopoly tend to compete against one another, reducing the chance of monopolistic market power. Visa and Mastercard are examples of a duopoly that dominates the payments industry in Europe and the United States.