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8 Cards in this Set

  • Front
  • Back
A market structure in which only a few sellers offer similiar or identical products
Monopolistic Competition
A market structure in which many firms sell products that are similar but not identical
An agreement among firms in a market about quantities to produce or prices to change
A group of firms acting in unison
Nash Equilibrium
a situation in which economic actors interacting with one another each choose their best strategy given the strageties that all the other actors have chosen
Game Theory
The study of how people behave in strategic situations
Prisoners Dilemma
A particualr "game" between two captured prisoners that illustartes why cooperation is difficult to maintain even when it is mutually beneficial
Dominant Strategy
A strategy that is best for a player in a game regardless of the startegies chosen by the other players