Explain why it is important for firms to understand the level of elasticity for each product they offer. Explain what part PED has in understanding the behaviour of firms in an oligopoly market, use appropriate diagrams and examples.

Explain why it is important for firms to understand the level of elasticity for each product they offer. Explain what part PED has in understanding the behaviour of firms in an oligopoly market, use appropriate diagrams and examples.

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