OPEN STAX BOOK Chapter 10 - Monopolistic Competition and Oligopoly

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11 Terms

1

cartel

a group of firms that collude to produce the monopoly output and sell at the monopoly price

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2

collusion

when firms act together to reduce output and keep prices high

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3

differentiated product

a product that is consumers perceive as distinctive in some way

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4

duopoly

an oligopoly with only two firms

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5

game theory

a branch of mathematics that economists use to analyze situations in which players must make decisions and then receive payoffs based on what decisions the other players make

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6

imperfectly competitive

firms and organizations that fall between the extremes of monopoly and perfect competition

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7

kinked demand curve

a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases

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8

monopolistic competition

many firms competing to sell similar but differentiated products

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9

oligopoly

when a few large firms have all or most of the sales in an industry

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10

prisoner's dilemma

a game in which the gains from cooperation are larger than the rewards from pursuing self-interest

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11

product differentiation

any action that firms do to make consumers think their products are different from their competitors'

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