sonde Flashcards
1
Q
Cartel
A
Group of firms that collude to produce the monopoly output and sell at the monopoly price
2
Q
collusion
A
when firms act together to reduce d output and keep price high
3
Q
Differentiated product
A
perceived by consumers as distinctive in some way
4
Q
Duopoly
A
an oligopoly with only two firms
5
Q
game theory
A
a branch of mathematics often used by economists that analyze situations in which players must make decisions and then receive payoffs based on what decisions the other players make
6
Q
Imperfectly competitive
A
Firms and organizations that fall between the extremes of monopoly and perfect competition
