11/17 notes Flashcards

1
Q

oligpoly

A

small number of firms
-identical product
-either barriers to entry or no barriers
-marketing
-interdependce

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2
Q

interdependence

A

firms think about one another, how do we model how they think about each other

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3
Q

dominant strategy

A

a player makes the same choice no matter what the other player does

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4
Q

contestable market moves towards

A

zero profit

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5
Q

contestable market

A

Companies with few rivals behave in a competitive manner when the market they operate in has weak barriers to entry. in oligopoly, incumbents will act as competitively when there is lack of barrier

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