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19 Cards in this Set

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