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Chapter 12/13

ECO 251

TermDefinition
monopolistic competition when a market consists of a large number of small firms that are producing a differentiated product
product differentiation real or imagined differences which separate a firm's product from the competition
oligopoly when a market consists of a small number of large firms which are mutually interdependent
mutual interdependence when one firm's profits are significantly affected by other firms in the industry
concentration ratio the total percentage of total sales in the market controlled by the largest firms
collusion an agreement between firms to coordinate price and output decisions in an increase industry profit and maintain market shares
cartel formal and open collusion agreement
price leadership a system which one firm in an oligopoly takes the lead in setting prices
dominant strategy an action that is the best choice for a player, no matter what the other player does
Created by: SavanahT
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