Chapter 16

  1. oligopoly
    a market structure in which only a few sellers offer similar or identical products
  2. monopolistic competition
    a market structure in which many firms sell products that are similar but not identical
  3. collusion
    an agreement among firms in a market about quantities to produce or prices to charge
  4. cartel
    a group of firms acting in unison
  5. Nash equilibrium
    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
  6. game theory
    the study of how people behave in strategic situations
  7. dominant strategy
    a strategy that is best for a player in a game regardless of the strategies chosen by the other players
Card Set
Chapter 16
A.P. Economics textbook, Chapter 16 vocabulary