Chapter 8: Imperfect Competition
0.0(0)
Studied by 1 person0.0(0)
View linked note
Call with Kai
Knowt PlayNew
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/8
Earn XP
Description and Tags
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
9 Terms
1
New cards
Monopoly
only provider of a good
2
New cards
Price discrimination
when seller can provide same good to different buys at different prices
3
New cards
Perfect price discrimination
when seller can charge each buyer the most theyre willing to pay for a good
4
New cards
Bilateral monopoly
when the market only has one buyer and one seller
5
New cards
Oligopoly
where a few firms sell a standardized or differentiated product
6
New cards
Market power
ability of individual firm to influence price
7
New cards
Strategic decision-making
individual must make choice but consequences depend on factors that are unknown to the individual
8
New cards
Game theory
considers strategic decisions individuals in a game or market place will need to make to anticipate what a rival would do
9
New cards
Prisoners dilemma
situation where distrust leads two individuals to chose a less than optimal result
Flashcards (27)