Chapter 8: Imperfect Competition
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9 Terms
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Monopoly
only provider of a good
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Price discrimination
when seller can provide same good to different buys at different prices
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Perfect price discrimination
when seller can charge each buyer the most theyre willing to pay for a good
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Bilateral monopoly
when the market only has one buyer and one seller
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Oligopoly
where a few firms sell a standardized or differentiated product
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Market power
ability of individual firm to influence price
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Strategic decision-making
individual must make choice but consequences depend on factors that are unknown to the individual
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Game theory
considers strategic decisions individuals in a game or market place will need to make to anticipate what a rival would do
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Prisoners dilemma
situation where distrust leads two individuals to chose a less than optimal result
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