AP Lesson: Oligopolies, Collusion and Game Theory
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Use this diagram for the question below.
The payoff matrix above shows the profits associated with the strategic decisions of two oligopoly firms, Bright Company and Sparkle Company. The first entries in each cell show the profits to Bright and the second the profits to Sparkle. What are the dominant strategies for Bright and Sparkle, respectively?
What is it called when firms work together to determine quantities and prices in a market?
The study of how people react in competitive situations is called
An action that makes one player in a competitive situation better off in every circumstance, regardless of what the other players do, is called the
When oligopolists collude about the price to charge and the quantity to produce, they are referred to as
In the Kinked Demand Curve theory it is assumed that:
The Kinked Demand Curve theory assumes:
In Game Theory:
In oligopoly:
A model of Game Theory of oligopoly is known as the:
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