6 terms

Chapter 16

Test 4
Oligopoly Market
Market structure in which only a few sellers offer similar or identical products
A group of firms acting in unison
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.