Micro Ch 13: Oligopoly+strategic behavior

0.0(0)
Studied by 5 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/6

flashcard set

Earn XP

Description and Tags

Microeconomics

Last updated 10:30 PM on 12/14/22
Name
Mastery
Learn
Test
Matching
Spaced
Call with Kai

No analytics yet

Send a link to your students to track their progress

7 Terms

1
New cards
Oligopoly
a market structure in which only a few sellers offer similar or identical products
2
New cards
Competitive market outcome
Final price =0
3
New cards
Monopoly outcome
loss of efficiency
4
New cards
Duopoly outcome
Firms have the chance to collude
5
New cards
collusion
agreement among firms in a market about quantities to produce or prices to charge
6
New cards
Cartel
a group of firms acting in unison
7
New cards
Antitrust Laws
laws that prevent the formation of monopolies