Chapter 16

a market structure in which only a few sellers offer similar or identical products

a market structure in which many firms sell products that are similar but not identical

an agreement among firms in a market about quantities to produce or prices to charge

a group of firms acting in unison

a situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen

the study of how people behave in strategic situations

a strategy that is best for a player in a game regardless of the strategies chosen by the other players