14.7: Glossary- Oligopolies
- Page ID
- 249439
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- a group of firms that collude to produce the monopoly output and sell at the monopoly price
- collusion
- when firms act together to reduce output and keep prices high
- duopoly
- an oligopoly with only two firms
- game theory
- a branch of mathematics often used by economists that analyzes situations in which players must make decisions and then receive payoffs based on what decisions the other players make
- imperfectly competitive
- firms and organizations that fall between the extremes of monopoly and perfect competition
- kinked demand curve
- a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases
- oligopoly
- when a few large firms have all or most of the sales in an industry
- prisoner’s dilemma
- a game in which the gains from cooperation are larger than the rewards from pursuing self-interest
- Principles of Microeconomics Chapter 10 Glossary. Authored by: OpenStax College. Located at: http://cnx.org/contents/ea2f225e-6063-41ca-bcd8-36482e15ef65@10.31:24/Microeconomics. License: CC BY: Attribution. License Terms: Download for free at http://cnx.org/content/col11627/latest