Oligopoly
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| Oligopoly | show 🗑
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| show | no one firm has a monopoly, but producers can affect market prices
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| show | complicated to do bc it's not a single firm considering its cost and pricing in a vaccum (like perfectly competitive firms and monopolies)
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| show | actions taken by other large firms
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| show | sum of the squares of each firm's share of market sales
Ex: if there are 3 firms with 60%, 25%, and 15% market share each:
HHI=60^2+25^2+15^2=4,450 -indicates oligopoly
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| show | strongly competitive market
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| HHI of 1,000 to 1,800 indicates | show 🗑
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| show | oligopoly
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| If HHI is above 1,000 | show 🗑
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| Collusion | show 🗑
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| show | strongest form of collusion/ an agreement by several producers to restrict output in order to increase their joint profits
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| show | limits production for each member nation to raise oil prices and profits
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| Noncooperative behavior | show 🗑
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| Game Theory | show 🗑
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| Duopoly | show 🗑
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| Prisoner's dilemma | show 🗑
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| show | strategy that is a player's best action regardless of the action taken by the other player/depending on the payoffs a player may or may not have a dominant strategy
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| Nash equilibrium (also known as noncooperative equilibrium) | show 🗑
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| show | dominant strategy
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| show | strategy of playing cooperatively at first, then doing whatever the other player did in the previous period
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| show | efforts undertaken by the government to prevent oligopolistic industries from becoming or behaving like monopolies
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| show | unspoken agreements/ limited by a number of factors including: -less concentration -complex products and pricing scheme -differences in interests - bargaining power of buyers
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| show | when collusion breaks down and prices collapse there is a price war
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| Product differentiation | show 🗑
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| Nonprice competition | show 🗑
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| show | one firm sets its price first, and other firms then follow
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