oligopoly

oligopoly - Oligopoly Chapter 27 May 7, 2009 Midterm...

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Unformatted text preview: Oligopoly Chapter 27 May 7, 2009 Midterm Solutions on website Out of 20: 18 quest, 2 free points (really 3, b/c no. 16 not counted) Mean = 11.73, Median = 11.42, Mode = 11, Stdev = 2.99 No version effects Distribution centered around 50% Econ100B S09 Midterm 5 10 15 20 25 30 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Frequency What is Oligopoly? Oligopoly is a kind of market structure, like monopoly or perfect competition An oligopolistic industry is an industry consisting of a few firms (duopoly = two firms) Example industries: auto, operating systems, mp3/music players, airlines Questions How can we analyze an oligopolistic industry? How are the market prices and quantities determined? How does this impact welfare? How do we think about competition among oligopolists? Why might firms want to collude (form a cartel)? How can a cartel be sustained? Oligopoly Our approach: use game theory With PC and monopoly market structures, we analyze a firm making an individual decision PC: very many firms, one firms actions do not impact others...
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oligopoly - Oligopoly Chapter 27 May 7, 2009 Midterm...

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