Game theory is the study of how people or companies make decisions when the outcome depends on the
Glossary Category: Market Structures
contestable markets
The contestable market theory states that the behavior of firms in a market is determined more by the
price discrimination
Price discrimination happens when a company charges different prices to different customers for the same product. This is
oligopoly
An oligopoly is a market structure dominated by a small number of large companies. These firms hold significant
barriers to entry
Barriers to entry are obstacles that make it difficult for new companies to enter a market and compete
monopoly
A monopoly is a market structure where a single company is the only seller of a product. In
perfect competition
Perfect competition is a market structure where many buyers and sellers trade identical products. In this market, no