Economics - product differentiation A market dominated by a...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
18:06 An agreement among suppliers to set the price of a product or the quantities  each will produce  COllusion A method of analyzing firm behaviour that highlights mutual interdependence among firms.  Game theory A market in which there are many firms that sell a differentiated product and have  some control over the price of the products they sell.  Monopolistic competition The condition in which a firm's actions depend, in part, on the reactions of rival firms.  Mutual interdependence The attempt by a firm to distinguish its product from that of its competitors
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: product differentiation A market dominated by a few large firms. Oliogophy A measurement of the percentage of an industry's total sales that is controlled by the largest few firms. Concentration ratio A situation where each rival chooses the best actions given the (anticipated) actions of the other(s) Nash equilibrium An association of sellers acting in unison Cartel A market structure in which producers are identifiable and have some control over price. Imperfect competition 18:06 18:06...
View Full Document

Page1 / 3

Economics - product differentiation A market dominated by a...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online