Section 11 Module 62 and 64 Vocabulary

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8 Terms

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public ownership

the good is supplied by the government or by a firm owned by the government.

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price regulation

limits the price that a monopolist is allowed to charge

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interdependent

when the outcome (profit) of each firm depends on the actions of the other firms in the market

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duopoly

an oligopoly consisting of only two firms

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duopolist

each firm is known as this

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collusion

when sellers cooperate to raise their joint profits

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cartel

a group of producers that agree to restrict output in order to increase prices and their joint profits

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noncooperative behavior

when firms act in their own self-interest, ignoring the effects of their actions on each other's profit.