PHASE 3: OPENSTAX CH. 10: Monopolistic Competition and Oligopoly Flashcards Preview

APEC1101H-SEM1 > PHASE 3: OPENSTAX CH. 10: Monopolistic Competition and Oligopoly > Flashcards

Flashcards in PHASE 3: OPENSTAX CH. 10: Monopolistic Competition and Oligopoly Deck (8)
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1

imperfectly competitie

monopolisitic comp - large number of comepting firms, sell products not identical

2

oligopliy

dominated by small number of firms

3

monopolistic competitin

invovle many firms competing against each other but sell products in disticne way

4

oligoply

small number of large firms have all most saales in industry

5

prisoner's dilemma

no generally accepted way for oliopolies to behave, use of game theory

6

game theory

branch of math analysing situatios in which players must make decisions and recieve payoffs based on what other players do

7

dominant stategy

stragey of individual or firm will pursue regardless of other individua;'firms decisions

8

duopolgy

2 firm oligopoly