Micro Ch 13: Oligopoly+strategic behavior
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7 Terms
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Oligopoly
a market structure in which only a few sellers offer similar or identical products
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Competitive market outcome
Final price =0
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Monopoly outcome
loss of efficiency
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Duopoly outcome
Firms have the chance to collude
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collusion
agreement among firms in a market about quantities to produce or prices to charge
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Cartel
a group of firms acting in unison
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Antitrust Laws
laws that prevent the formation of monopolies
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