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19 Cards in this Set
- Front
- Back
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Tit for Tat
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Playing cooperatively at first then doing whatever the other player did in the previous period.
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Querty Problem
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Designed to slow you down in industry that gets stuck using an inferior (Standard Process)
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3 out of 5 reasons why all industries did not have oligopolies
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1. Anti-trust laws
2. Always better for oligopolies 3. Consumers like differntiated products Incentive to cheat too high 4. Technological advances |
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Tacit Collision
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When firms limit production
Raise prices effecting each other's profits with a formal agreement |
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Natuarl Monopoly
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Monopoly can produce at lower ATC than any other market structure
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4 out 5 characteristics of Monopoly
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1. Market Power
2. Economic Profit 3. Many barriers 4. One seller |
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Name 3 Characteristics of Oligopoly
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1. Market Power
2. Economic Profit 3. Many barriers 4. One seller |
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Name 3 Characteristics of duopoly
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1. Market Power
2. Economic Profit 3. Many barriers 4. One seller |
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What is the difference between Oligopoly and duopoly
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2 sellers plus few seller, 2 sellers
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Monopsony
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one buyer
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Oligopoly
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few buyers
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Perfect price for discriminatin
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changing different prices to every customer when possible
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Single price monopolist
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changing same price to all customers
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6 market structures benefits for advertising
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1. oligololy
2. duopoly 3. monopolistic |
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Dominant strategy
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do what is best for you assuming the other firm betrays you
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Autarky
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(Russian) created Isolationist theory-no internatinal trade is allowed
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Nonprice competition
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Quality focus not price sale
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Ronals Coase Theorem
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Well defined property rights leads to best pricing (efficient) of the cost of pollution
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Patent,
copy right, trade mark |
inventions, art, literacy work, music
symbols and logos |
