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9 Cards in this Set
- Front
- Back
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"Imperfect Competition" occurs when..
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firms compete but possess market power (DuBois and Follett)
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"Collusion"
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Cartel-like behavior in which firms in an oligopoly work together setting output levels as if they were a single monopolist.
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"Interdependance"
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Each firms profit is depends greatly on what other firms do. (The subject of "Game Theory")
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"Payoff" depends on..
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the actions of the player (firm) and the actions of it's competitor.
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"Dominant Strategy"
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An action that is always best regardless of the other players actions.
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"Duopolists" face a particular type of game called "______________."
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"Prisoners' Dilemma"
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"Strategic Behavior"
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Trying to influence a competitors actions.
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"Anti-Trust Policy" is designed to..
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make collusion more difficult.
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Oligopolists try to avoid price wars by..
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1. Product differentiation
2. Price leadership 3. Non-price competition (such as advertising) |
