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8 Cards in this Set
- Front
- Back
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Oligopoly
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A market structure in which only a few sellers offer similiar or identical products
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Monopolistic Competition
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A market structure in which many firms sell products that are similar but not identical
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Collusion
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An agreement among firms in a market about quantities to produce or prices to change
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Cartel
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A group of firms acting in unison
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Nash Equilibrium
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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
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Game Theory
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The study of how people behave in strategic situations
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Prisoners Dilemma
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A particualr "game" between two captured prisoners that illustartes why cooperation is difficult to maintain even when it is mutually beneficial
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Dominant Strategy
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A strategy that is best for a player in a game regardless of the startegies chosen by the other players
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