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7 Cards in this Set
- Front
- Back
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Cartel
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group of firms acting together (colluding) to limit output, raise price, and increase economic profit
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Collusive Agreement
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Agreement between 2 or more producers to form a cartel
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Oligopoly
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*Natural legal barriers, prevent new entry to firm
*small number of firms compete |
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Predatory Pricing
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set low price to drive competitors out of market
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Limit Pricing
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set price at high level so inflicts cost on entrant
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Duopoly
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2 firms compete in oligopoly (2 main taxi services, 2 main veterinarians etc.)
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Antitrust Law
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law that regulates oligopolies from behaving like monopolies
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