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| A firm that is the sole seller of a product without close substitutes. |
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| A monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms. |
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| The business practice of selling the same good at different prices to different customers. |
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| A market structure in which many firms sell products that are similar but not identical. |
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| A market structure in which only a few sellers offer similar or identical products. |
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| A group of firms acting in unison. |
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| An agreement among firms in a market about quantities to produce or prices to charge. |
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| A strategy that is best for a player in a game regardless of the strategies chosen by the other players. |
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| The study of how people behave in strategic situations. |
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| A situation in which economic factors interacting with one another each choose their best strategy given the strategies that all the other factors have chosen. |
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| A particular "game" between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial. |
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