Exam: GMAT (Verbal)

Definition: Relating to a market situation where two companies or entities dominate the market.

Example: In a duopolistic market, the two leading firms often influence prices and competition.

Definition: A situation in which two companies or groups have control over a market or industry, limiting competition.

Example: In a duopoly, the two companies often set prices and control supply together.

Definition: A situation in the market where two main buyers have significant control over many sellers, affecting prices and supply.

Example: In a duopsony, the two large companies can dictate terms to the smaller suppliers.

Definition: Referring to something that is exactly the same as another or exists in two identical parts.

Example: The team played duplicate bridge, comparing their scores with another team.

Definition: To become an exact copy of something.

Example: The document will duplicate if you press the button twice.

Definition: A copy of something that is exactly the same as the original, often made to have an extra or backup version.

Example: I made a duplicate of the important document in case I lost the original.

Definition: To create an exact copy of something.

Example: The artist decided to duplicate her famous painting for the exhibition.

Definition: The act of being dishonest or misleading, often by pretending to have different intentions or feelings.

Example: His duplicity was revealed when he was caught lying to both sides in the negotiation.

Definition: Relating to the economy, finances, or the management of resources and wealth.

Example: The government is implementing new policies to stimulate economic growth.

Definition: Relating to saving money or using resources carefully and efficiently.

Example: Using public transportation is a more economical choice than driving a car.

Definition: In a way that relates to the management of resources, especially money, to avoid waste and ensure efficiency.

Example: The company operates economically to maximize profits and minimize costs.

Definition: A person who studies or works in the field of economics, analyzing how resources are produced, distributed, and consumed.

Example: The economist presented a new theory on market behavior at the conference.

Definition: Relating to something that is designed to save money or is inexpensive to buy or use.

Example: We decided to rent an economy car for our trip to save on fuel costs.

Definition: The system by which goods and services are produced, distributed, and consumed in a society.

Example: The economy is showing signs of recovery after the recession.