Column "B Column "G 1. Monopolistic A. An organization "of firms that reduces output BedA theory that oligopolistic firms join a cartel to increas increases price in an effort to increase joint profits. market power, and members work together to determine Competition B. The percentage of industry sales (or assets, the level of output that each member will produce and) output , labor force, or some other factor ) accounted price that each member will charge. 2. Excess Capacity for byor number of firms in the industry - D. A market in which a firm may have seamless transition C. A theory of market structure based on three Cost to enter an industry and costless exit from an indust Theorem assumptions : many sellers and buyers, firms wishes to do so. producing and selling slightly differentiated products A kind of game in whichplayer'sstrategy is based on the -3. Oligopoly and easy entry and exit. `options shelhe can choose in a setting where the outo depends not only on their own actions but also on the act D. A market in which entry is easy and exit 'Sothers. Example: the games of Rock-Paper-Scissors costless, new firms can produce the product at the Tic-Tac-Toe. -4. Concentration same cost as current firms , and exiting firms 089 Am association of firms under oligopoly that act cooper easily dispose of their fixed assets by selling them. as if they are one giant company to influence output and Ratio E. A theory of market structure based on three If each firm in an oligopoly sells an undifferentiated prod assumptions : few sellers and many buyers, firms oil, demand curve that each firm faces will be horizontal 5. Cartel Theory producing either homogeneous or differentiated market price as in perfect competition instead of down products , and significant barriers to entry sloping under monopol Example: O.P.E.C.(Organization F. A monopolistic competitor in equilibrium producePetroleum Exporting Countriesby 15 member nations) 6. Cartel an output smaller than the one that would minimize The ratio of the combined market shares of a given num its costs of production. firms to the total market size to determine the degre G. A mathematical technique used to analyze the saturation. behavior of decision makers who try to reach ah A market structure in which few firms dominate -7. Game Theory optimal position for themselves through game playing characterized by highly concentrated market. or the use of strategic behavior , who are fully awake Refers to a situation where a firm is forced to produc of the interactive nature of the process at hand and level of output below its capacity due to lack of dema who anticipate the moves of other decision makers., Intentionally limit output to boost price 8. Contestable H. A theory of oligopoly in which oligopolistic firms market structure where there are fairly large numb firms competing by producing differentiated product Market act as if there were only one firm in the industry advertising is one of the characteristic features