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4.2: Oligopolies and Game Theory
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AP Microeconomics notes from Unit 4, Section 2: These notes cover oligopolies, game theory, price leadership, and economic cartels.
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Some examples from this set of practice questions
1.
How do markets become oligopolies?
Answer: High barriers to entry prevent others from entering
2.
What is game theory?
Answer: The study of how people behave in strategic situations
3.
Describe dominant strategy in game theory.
Answer: The best move to make regardless of what your opponent does
4.
What is the term for the firm in a market initiatives a price change?
Answer: The dominant firm
5.
What is a cartel in terms of economics?
Answer: A group of producers that create an agreement to fix prices high
6.
What does a kinked demand curve model demonstrate?
Answer: How non-collusive firms are also interdependent
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