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Economics

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S1 is the supply curve before a tax and S2 is the supply curve after a $3 per unit tax has been applied to this market. how is the burden of the tax shared between buyers and sellers? buyers bear (Memorize answer)
____ rivals may collectively act like a ___________ (tacit collusion). By restricting __________, oligopolists can earn price premia and economic profits.
•Actual performance depends on discipline among rivals to avoid ______________
Cournot Equilibrium•Situation where each firm produces the output that ___________ its profits, given the _______ of rival firms
Ease of entry encourages __________________, pushing economic profits to ____________
In a monopoly, ______ firm supplies the market with ____________________ risk of entry
Summary of Oligopoly•To determine how best to play the game, a firm must first determine what kind of __________ it is in
Summary of Oligopoly•When quantity is the strategic variable: (what type of oligopoly is it?)
Summary of Oligopoly•The tools of _____________ are very useful to oligopolists since their profits are ______________
Summary and Takeaways - Sequential Games•Committing to be ________ can sometimes create ______________
Summary and Takeaways - Sequential GamesLook _________________, reason __________________ to solve sequential games
Types of OligopolyHomogeneous/Quantity
Summary and Takeaways - Sequential Games•Strategic commitment by an incumbent is one way to create a ________ threat of retaliation toward an ____________—may deter entry
Monopoly Profit Maximization Produce where _____= ________ and charge the price on the demand curve that corresponds to that _____________
Under monopoly conditions:Firm has ____ control over price
Monopolists earn rents by _____________ which sets price above economic costs
Game Theory is a body of literature that seeks to explain how non-cooperating players _______
Summary of Oligopoly••When Price is the strategic variable: (what type of oligopoly is it?)
Sometimes differentiated positions in markets becomes so entrenched or significant that it creates intra-industry barriers to ________________ and clusters of firms called ____________________
Fundamentals (Steps) of Game Theory1. Identify the ___________2. Identify their _____________3. Identify their _______________ from their actions4. Determine the players' ________________5. Determine the __________________ outcomes

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