definitions_part2_midterm2 - Collusion An agreement among...

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More Definitions for Midterm 2 Economics 304K: Principles of Microeconomics Dr. Meg Ledyard These are just to help you study. There will NOT be a section on the final where you are asked to define words. Oligopoly – A market structure in which only a few sellers offer similar or identical products. Duopoly – A market structure in which only two firms offer similar or identical products.
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Unformatted text preview: Collusion An agreement among firms in a market about quantities to produce or prices to charge. Cartel A group of firms acting in unison. Dominant Strategy A strategy that gives a player the highest payoff for all possible actions of the other players. Dominant Strategy Equilibrium A situation in which economic actors each play a dominant strategy....
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This note was uploaded on 03/18/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.

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