Chapter 16

Created by simplybmac 

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6 terms · Test 4

Oligopoly Market

Market structure in which only a few sellers offer similar or identical products

Cartel

A group of firms acting in unison

Collusion

An agreement among firms in a market about quantities to produce of price to change

Antitrust Laws

Prevent oligopolists from acting together in ways that would make their markets less competitive.

Predatory Pricing

Power to raise prices above the competitive level

Nash Equilibrium

situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen.

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