11/17 notes Flashcards
1
Q
oligpoly
A
small number of firms
-identical product
-either barriers to entry or no barriers
-marketing
-interdependce
2
Q
interdependence
A
firms think about one another, how do we model how they think about each other
3
Q
dominant strategy
A
a player makes the same choice no matter what the other player does
4
Q
contestable market moves towards
A
zero profit
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
