Explain the kinked demand curve in an oligopolistic market

As indicated by Paul Sweezy, the demand curve in an oligopoly isn't persistent however a kink in the demand curve. That clarifies price rigidity only and doesn't clarify how the price and output will be determined. Price rigidity implies each firm charges fix price and stays unyielding for quite a while. On the off chance that a firm attempts to decrease the price, contenders will follow the equivalent so it won't produce any favorable position for the firm. Similarly, if a firm attempts to raise the price, other firms won't do as such. In this circumstance, the firm which proposed to raise the price will lose its clients. The kinked demand curve model is particularly useful in explaining "Sticky" prices in oligopolistic markets