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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.
- Spring '08