________ is a market structure where there are a few large firms that dominate the market.
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Competition
________ tends to be non- price and prices tend to be stable, with firms developing strategies that take into account all possible reactions from their rivals when making pricing decisions.
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Cartel
________ is a group of firms in an industry that join together to limit competition between member firms, fix prices and maximize joint profits as if the firms were collectively a monopoly.
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Game theory
________ is only useful when there are small number of firms, small number of possible options and outcomes can be accurately predicted.
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oligopoly dont
Happens when firms in a(n) ________ collude and aware of reactions from the pricing decisions made by other firms for the same product.
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Non collusive oligopoly
________ is where firms in an oligopoly dont resort to agreements to fix prices or output.
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Flashcard (59)