SSC MTS EXAM

Detailed explanation-1: -Economic interdependence refers to the relationships that are between countries, in which each country is dependent on another for necessary goods or services.

Detailed explanation-2: -: the state of being dependent upon one another : mutual dependence. interdependence of the two nations’ economies.

Detailed explanation-3: -Interdependence means that the firms in the market must take into account the likely reactions of their rivals to any change in price, output or forms of non-price competition. It is a key aspect of business competition and behaviour in an oligopoly and can be modelled by the use of game theory.