Microeconomics Ch 17

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fillup
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140253
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Microeconomics Ch 17
Updated:
2012-03-07 10:26:10
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Microeconomics 17
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Microeconomics Ch 17
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  1. Game Theory
    The study of how people behave in strategic situations.
  2. Collusion
    An agreement smong firms in a market about quantities to produce or prices to change.
  3. Carrtel
    A group of firms acting in unision.
  4. Nash Equilibrium
    A situation in which economic actors interacting with one another each choose their best strategy given the strategies that all the other actors have chosen.
  5. Prisoners' dilema
    A particular "game" between two capurted prisoners that illustrates why cooperation is dufficult to maintain even when it is mutually beneficial.
  6. Dominant Strategy
    A strategy that is best for a player in a game regardless of the strategies chosen by the other players.

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