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Micro Ch17 Reading Notes Oligopoly

Micro Ch17 Reading Notes Oligopoly

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Published by Katherine Sauer

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Published by: Katherine Sauer on Jan 09, 2012
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12/27/2013

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 Economics ± Dr. Katherine Sauer 
Chapter 17 Reading Notes: Oligopoly
I. Markets with only a Few Sellers
A. Duopoly ExampleB. Competition, Monopolies, and CartelsPerfect competition outcome:Monopoly outcome:The term
collusion
refers to:A
cartel
is:C. Equilibrium for an OligopolyA
Nash Equilibrium
is a situation:There is tension between ____________________ and ______________________.When firms in an oligopoly individually choose production to maximize profit, they produce:D. How the Size of an Oligopoly Affects the Market Outcome
 
Output Effect:Price Effect:As the number of sellers in an oligopoly grows:
II. Economics of Cooperation
The
prisoners¶ dilemma
is a situation that illustrates:Refer to Figure 1.A
dominant strategy
is:A. Oligopolies as a Prisoners¶ DilemmaRefer to Figure 2.B. Examples of Prisoners¶ Dilemmas1.
 
Arms Races2.
 
Common ResourcesC. Prisoner¶s Dilemma and Society¶s WelfareD. Why People Sometimes Cooperate

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