Microeconomic terms related to monopoly, price discrimination, game theory, oligopoly, and monopolistic competition
A market with only one seller.
Setting the price lower than the monopoly price to keep competitors out.
Ability to affect the price.
Maximum legal price that can be charged for a product or service.
Charging different prices to different customers.
Maximum price a buyer is willing to pay.
The theory that studies decision making in situations in which one player anticipates the reactions of other players to its own actions. Firms are mutually interdependent.
A concept for solving games that states that each player has a set of strategies, and these strategies should be that no player can improve her utility by unilaterally changing her own strategy.
A market with only a few sellers.
A market with only two sellers.
Prices that are resistant to change.
A market structure with many producers selling products that are not identical but are close substitutes and with no barriers to entry.