Microeconomics Final Review

a single seller in the marketplace

Competition type where many firms offer products that are similar, but not perfect substitutes.

In game theory, the ___ is a concept of a non-cooperative game involving two or more players,

OPEC's market structure is best represented as a

the market for jeans is _____ because jeans can vary in size, color, style and designer

a formal organization of producers that agree to coordinate prices and production

What is their Nash equilibrium? 

A market structure with a few large firms is a(n)

Does Prisoner B have a dominant strategy?

This is likely to occur if two firms that have tacitly colluded for three years now stop to,

A market structure with many companies selling similar products is a(n)

Secret agreement or cooperation especially for an illegal or deceitful purpose, is...

a FORMAL organization of producers that agree to coordinate prices and production is a(n)

When firms cooperate to raise their joint profits, they are necessarily

A market with many buyers and sellers, identical products, and free entry and exit is a(n)

gives a company exclusive rights to sell a new good or service for a time period

A common type of collusion is..

Each player has an incentive to choose an action that makes them both worse off

One way that firms in a monopolistic competition engage in nonprice competition is through:

Which of the following would be an oligopoly:

An agreement among members of an oligopoly to illegally set prices and production levels is a

These make it difficult for new firms to enter a market

laws that encourage competition in the marketplace

an agreement among members of an oligopoly to set prices and production levels

In a ___________ industry in equilibrium, the value of marginal cost is the same for all firms.

Price-taking firm’s optimal output rule states at the firm’s optimal quantity of output price =

A duopoly can have the same impact on the market as a __ if the two players collude on prices.

If they not cooperate, which color will each firm produce?

in a perfectly competitive market there are_____ barriers to entry

Which of the following is an example of an oligopoly?

This picture is an example of what type of market structure?

Which of the following is true?

A way to attract customers without lowering prices is

Market structure in which a small number of firms has the large majority of market share.

A sector or industry dominated by one corporation, firm or entity.

If they do not cooperate, what will prisoner A do? 

A single seller in a market is a(n)

_ is the study of models of conflict & cooperation between intelligent rational decision makers

any factor that makes it difficult for a new firm to enter a market

in a monopoly, control over price is