Studied by 1 personMonopoly
only provider of a good
Price discrimination
when seller can provide same good to different buys at different prices
Perfect price discrimination
when seller can charge each buyer the most theyre willing to pay for a good
Bilateral monopoly
when the market only has one buyer and one seller
Oligopoly
where a few firms sell a standardized or differentiated product
Market power
ability of individual firm to influence price
Strategic decision-making
individual must make choice but consequences depend on factors that are unknown to the individual
Game theory
considers strategic decisions individuals in a game or market place will need to make to anticipate what a rival would do
Prisoners dilemma
situation where distrust leads two individuals to chose a less than optimal result
Note
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