Chapter 12 - Market Structures: Imperfect Competition

Payoff matrices

________ can be used to evaluate any number of games performed by individuals or businesses.

OPEC

________ is a cartel made up of governments rather than corporations, as its name suggests.

Firms

________ have an incentive to cooperate if they can because collusion is ultimately more profitable than noncooperation.

distinct items

Producing ________ rather than perfect replacements is one approach for reducing competition.

Organization of Petroleum Exporting Countries

The ________ is the most well- known cartel in the world (OPEC)

negative pricing effect

The ________ explains why a monopolist's marginal revenue is lower than the market price.

utility levels

The ________ are impacted by the location as well as the presence or absence of the other player in each scenario.