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8 Cards in this Set
- Front
- Back
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Oligopoly |
a market structure in which only a few sellers offer similar or identical products |
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Monopolistic Competition |
a market structure in which many firms sell products that are similar but not identical |
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Game Theory |
the study of how people behave in strategic situations
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Collusion |
an agreement among firms in a market about quantities to produce or prices to change
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Cartel |
a group of firms acting in unison
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Nash Equilibrium |
a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen
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Prisoners' Dilemma |
a particular "game" between two captured prisoners that illustrates why cooperation is difficult to obtain even when it is mutually beneficial |
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Dominant Strategy |
a strategy that is best for a player in a game regardless of strategies chosen by other players |
