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Monopoly
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Market structure characterized by a single seller of a unique good
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Monopolistic Competition
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Market structure characterized by many sellers of similar goods
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Oligopoly
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Market structure characterized by a few large sellers of identical or similar goods
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Game Theory
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Study of how people behave in strategic situations: Example, firms setting pricing decisions based on the perceived actions of competitors
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Price Discrimination
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Monopolist pricing strategy of charging different prices for different consumers of the same good
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Profit Maximization Rule
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Firms set production decisions where MC=MR
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Interdependence
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Oligopoly firms make decisions based on what they expect other firms to do.
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Collusion
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(Illegal) Agreement made by sellers intending to limit competition, set production levels and fix prices
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Cartel
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Organization of sellers that come together to set production decisions and prices
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Dominant Strategy
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A firm's best option regardless of what the other firms will do.
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Nash Equilibrium
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Series of options for a firm used to find the optimal outcome
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Product Differentiation
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Separating products by introducing differences to production, quality or image
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