1.11.9: Key Terms
- Page ID
- 338883
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| (Eg. "Genetic, Hereditary, DNA ...") | (Eg. "Relating to genes or heredity") |  |
The infamous double helix | https://bio.libretexts.org/ | CC-BY-SA; Delmar Larsen |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| cartel | a group of firms that collude to produce the monopoly output and sell at the monopoly price | ||||
| collusion | when firms act together to reduce output and keep prices high | ||||
| differentiated product | a product that consumers perceive as distinctive in some way | ||||
| duopoly | an oligopoly with only two firms | ||||
| 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 | ||||
| imperfectly competitive | firms and organizations that fall between the extremes of monopoly and perfect competition | ||||
| kinked demand curve | a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases | ||||
| monopolistic competition | many firms competing to sell similar but differentiated products | ||||
| oligopoly | when a few large firms have all or most of the sales in an industry | ||||
| prisoner’s dilemma | a game in which the gains from cooperation are larger than the rewards from pursuing self-interest | ||||
| product differentiation | any action that firms do to make consumers think their products are different from their competitors' |