Definitions Flashcards
1
Q
Oligopoly
A
A small number of large firms who dominate the market
2
Q
Dynamic efficiency
A
the productive efficiency of a firm over a period of time.
3
Q
Collusuion
A
When rival firms agree to work together for mutual benefit e.g. profit
4
Q
Market failure
A
Inefficient allocation of resources in a market
