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12.4: Key Terms

  • Page ID
    215659
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    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'

    This page titled 12.4: Key Terms is shared under a CC BY 4.0 license and was authored, remixed, and/or curated by OpenStax.

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