________: an agreement among firms in a market about quantities to produce or prices to charge.
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Nash
________ equilibrium: a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen.
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predatory pricing
In ________, the price has to be below the average variable cost to drive other people out of the market.
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Tit for tat
________ is when a player begins cooperating but then does whatever the player did last time.
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Self interest
________ pushes oligopolies towards competition, despite acting similar to monopolies.
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Prisoners' Dilemma
The ________ is similar to an oligopolist reaching an outcome in a monopoly.
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Game theory
________: the study of how people behave in strategic situations.
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Cartel
________: a group of firms acting in unison.
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duopoly
A(n) ________ is an oligopoly with two members.
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Oligopoly
________: a market structure in which only a few sellers offer similar or identical products.
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noncooperative equilibrium
The ________ is typically bad for the welfare of society.
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Clayton Act
The ________ (1914) strengthened antitrust laws.
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output effect
The ________ tells us that since the price is higher than the marginal cost, selling an extra gallon of water at the going price will raise profit.
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Prisoners' dilemma
________: a particular "game "between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial.
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