A non-collusive oligopoly exists when a small number of firms operate in a market and compete independently. There
Tag: imperfect competition
game theory
Game theory is the study of how people or companies make decisions when the outcome depends on the
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
marginal revenue
Marginal revenue (MR) is the extra income a business earns by selling one additional unit of a product.