{"id":2502,"date":"2015-06-23T22:47:33","date_gmt":"2015-06-23T22:47:33","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymicro1xngcxmaster\/?post_type=chapter&p=2502"},"modified":"2015-07-11T14:36:46","modified_gmt":"2015-07-11T14:36:46","slug":"glossary-oligopolies","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/glossary-oligopolies\/","title":{"raw":"Glossary: Oligopolies","rendered":"Glossary: Oligopolies"},"content":{"raw":"
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<\/div>\r\n
cartel<\/dt>
a group of firms that collude to produce the monopoly output and sell at the monopoly price<\/dd>
collusion<\/dt>
when firms act together to reduce output and keep prices high<\/dd>
duopoly<\/dt>
an oligopoly with only two firms<\/dd>
game theory<\/dt>
a branch of mathematics often used by economists that analyzes situations in which players must make decisions and then receive payoffs based on what decisions the other players make<\/dd>
imperfectly competitive<\/dt>
firms and organizations that fall between the extremes of monopoly and perfect competition<\/dd>
kinked demand curve<\/dt>
a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases<\/dd>
oligopoly<\/dt>
when a few large firms have all or most of the sales in an industry<\/dd>
prisoner\u2019s dilemma<\/dt>
a game in which the gains from cooperation are larger than the rewards from pursuing self-interest<\/dd><\/dl><\/div>","rendered":"
\n
<\/div>\n
\n
cartel<\/dt>\n
a group of firms that collude to produce the monopoly output and sell at the monopoly price<\/dd>\n
collusion<\/dt>\n
when firms act together to reduce output and keep prices high<\/dd>\n
duopoly<\/dt>\n
an oligopoly with only two firms<\/dd>\n
game theory<\/dt>\n
a branch of mathematics often used by economists that analyzes situations in which players must make decisions and then receive payoffs based on what decisions the other players make<\/dd>\n
imperfectly competitive<\/dt>\n
firms and organizations that fall between the extremes of monopoly and perfect competition<\/dd>\n
kinked demand curve<\/dt>\n
a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases<\/dd>\n
oligopoly<\/dt>\n
when a few large firms have all or most of the sales in an industry<\/dd>\n
prisoner\u2019s dilemma<\/dt>\n
a game in which the gains from cooperation are larger than the rewards from pursuing self-interest<\/dd>\n<\/dl>\n<\/div>\n\n\t\t\t
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Candela Citations<\/h3>\n\t\t\t\t\t
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