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
