Oligopoly
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6 Terms
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Characteristics of an oligopoly
High barriers to entry, high concentration ratio, interdependence of firms, product differentiation
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Overt Collusion
When firms make agreements amongst themselves to limit competition
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Tacit Collusion
When firms do not make any formal agreements with each other
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Game Theory
A theory which considers what would be the outcome if two or more players were interdependent and made certain choices
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Predatory Pricing
Firms setting prices at very low less which prevents new entrants making a profit
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Limit Pricing
When firms set low enough prices to deter new entrant from entering the market
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Flashcards (47)