McConnell, Bure, Flynn Microeconomics 20th ed Chapter 13

this is characterized by, a relatively large number of sellers, differentiated products, and easy entry to, and exit from the industry.

is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products.

to make price less of a factor in consumer purchases and make product differences a greater factor.

this is expressed as a percentage, is the ratio of the output (sales) of the four largest firms in an industry relative to total industry sales.

is the sum of the squared percentage market shares of all the firms in the industry.

the gap between the minimum-ATC output and the profit-maximizing output.

when firms in the oligopoly produce standardized products.

when firms in the oligopoly produce differentiated products.

self-interested behavior that takes into account the reactions of others.

a situation in which each firm's profit depends not just on its own price, but also those of the other firms in its highly concentrated industry.

competition between two products associated with different industries.

the study of how people behave in strategic situations is called...

oligopolists often can benefit from...that is, cooperation with rivals

when demand is highly elastic above the going price but much less elastic or even inelastic below that price

successive and continuous rounds of price cuts by rivals as they attempt to maintain their market shares.

group of producers that typically creates a formal written-agreement specifying how much each member will produce and charge

a type of implicit understanding by which oligopolists can coordinate prices without engaging in outright collusion based on formal agreements and secret meetings.