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definitions_part2_midterm2

definitions_part2_midterm2 - Collusion – An agreement...

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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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