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Econ Test 4
Terms in this set (15)
What is monopoly pricing?
strategy followed by a seller whereby the seller prices a product to maximize his or her profits under the assumption that he or she does not need to worry about competition
What is output determination?
Define allocative efficiency, output and price.
Define price discrimination.
What is regulation on natural monopoly?
Define monopolistically competitive firm's price and Output determination in the short run.
monopolistically competitive firm's price and output determination in the long-run.
Meaning of each equality of economic variables and check which industry satisfies it in the long run (chart from class exercise)
What is payoff matrix
What is dominant strategy
what is nash equilibrium
what is prisoner dilemma
define kinked demand curve and price rigidity
What is collusion and cartel
Define price leadership (dominant firm model)
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