{"id":505,"date":"2020-03-24T04:51:41","date_gmt":"2020-03-24T04:51:41","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/glossary-oligopolies\/"},"modified":"2023-07-13T03:54:18","modified_gmt":"2023-07-13T03:54:18","slug":"glossary-oligopolies","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/glossary-oligopolies\/","title":{"raw":"Glossary: Oligopolies","rendered":"Glossary: Oligopolies"},"content":{"raw":"<div id=\"id587883\" class=\"glossary\" title=\"Glossary\">\r\n<div class=\"titlepage\"><\/div>\r\n<dl>\r\n \t<dt>cartel<\/dt>\r\n \t<dd>a group of firms that collude to produce the monopoly output and sell at the monopoly price<\/dd>\r\n \t<dt>collusion<\/dt>\r\n \t<dd>when firms act together to reduce output and keep prices high<\/dd>\r\n \t<dt>duopoly<\/dt>\r\n \t<dd>an oligopoly with only two firms<\/dd>\r\n \t<dt>game theory<\/dt>\r\n \t<dd>a branch of mathematics often used by economists that analyzes situations in which players must make decisions and then receive payoffs based on what decisions the other players make<\/dd>\r\n \t<dt>imperfectly competitive<\/dt>\r\n \t<dd>firms and organizations that fall between the extremes of monopoly and perfect competition<\/dd>\r\n \t<dt>kinked demand curve<\/dt>\r\n \t<dd>a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases<\/dd>\r\n \t<dt>oligopoly<\/dt>\r\n \t<dd>when a few large firms have all or most of the sales in an industry<\/dd>\r\n \t<dt>prisoner\u2019s dilemma<\/dt>\r\n \t<dd>a game in which the gains from cooperation are larger than the rewards from pursuing self-interest<\/dd>\r\n<\/dl>\r\n<\/div>","rendered":"<div id=\"id587883\" class=\"glossary\" title=\"Glossary\">\n<div class=\"titlepage\"><\/div>\n<dl>\n<dt>cartel<\/dt>\n<dd>a group of firms that collude to produce the monopoly output and sell at the monopoly price<\/dd>\n<dt>collusion<\/dt>\n<dd>when firms act together to reduce output and keep prices high<\/dd>\n<dt>duopoly<\/dt>\n<dd>an oligopoly with only two firms<\/dd>\n<dt>game theory<\/dt>\n<dd>a branch of mathematics often used by economists that analyzes situations in which players must make decisions and then receive payoffs based on what decisions the other players make<\/dd>\n<dt>imperfectly competitive<\/dt>\n<dd>firms and organizations that fall between the extremes of monopoly and perfect competition<\/dd>\n<dt>kinked demand curve<\/dt>\n<dd>a perceived demand curve that arises when competing oligopoly firms commit to match price cuts, but not price increases<\/dd>\n<dt>oligopoly<\/dt>\n<dd>when a few large firms have all or most of the sales in an industry<\/dd>\n<dt>prisoner\u2019s dilemma<\/dt>\n<dd>a game in which the gains from cooperation are larger than the rewards from pursuing self-interest<\/dd>\n<\/dl>\n<\/div>\n","protected":false},"author":32,"menu_order":30,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-505","chapter","type-chapter","status-publish","hentry"],"part":443,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":2,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/505\/revisions"}],"predecessor-version":[{"id":956,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/505\/revisions\/956"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/443"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/505\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=505"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=505"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=505"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}