Oligopoly
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| Oligopoly | Where a few large firms have the majority of the market share
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| Concentration rate | Where a few large firms have the majority of the market share
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| Predatory pricing | Setting a price that may bankrupt a competitor firm in order to try and take it over
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| Integration | Combining with other firms
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| Interdependent | Where actions by one firm will have an effect on the sales and revenue of other large firms in the market
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| Price war | Where firms competitively lower prices to increase their market share
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| Reactive behaviour | The action taken by firms in response to a change in behaviour of a competitor
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| Kinked demand curve | A theoretical approach that tries to analyse the reasons for price stability in oligopoly
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| Brand loyalty | A measure indicating the degree to which consumers will purchase a firms’ product rather than a competing firms’ product
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| Discontinuous MR curve | Region over which a change in MC will not lead to a change in the firms’ price and output levels
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| Game theory | An analysis of how games players react to changing circumstances and plan their response
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| Zero sum game | Where a gain by one player is matched by a loss by another player
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| Risk averse | Where one party does not take any action that might promote retaliatory activity by another party
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| Collusion | Where firms cooperate in their pricing and output policies
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| Prisoners’ dilemma | Where prisoners both choose the worst option
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| Nash equilibrium | Where the optimum strategy is to maintain current behaviour
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| Restrictive agreements | Where firms collude to indulge in anti-competitive policy
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| Joint profits | Where firms agree to max shared rather than their individual profits
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| Cartel | A group of firms working together, or colluding
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| Price leader | A firm that establishes the market price that all other firms in the agreement follow
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| Barometric price leadership | A firm whose price changes are accepted as they are skilful at interpreting market conditions
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| Parallel pricing | Where firms charge identical prices
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| Tacit collusion | Where firms have reached an ‘agreement’ as to each other’s behaviour as a result of repeated observations over time
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| Menu costs | The time and money spent by businesses in changing their prices in line with inflation
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