Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
cartel oligopoly strategic decision making dominant strategy prisoner’s dilemma tacit collusion barriers to entry Nash equilibrium | A situation such that no player has an incentive to change strategy unilaterally. A market that is dominated by a small number of firms. Decision making in situations that are interactive. The negative counterpart to the invisible hand. A strategy that has a higher payoff than any other strategy no matter what the other player does. Factors that increase the cost to new firms of entering an industry. When firms limit competition with one another but they do so without explicit agreement or communication. A group of suppliers who try to act as if they were a monopoly. |