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Michael Faraday worked out the theoretical foundations of the steam engine.
Game Theory
A theoretical framework for conceiving social situations among competing players and predicting their choices of action through mathematical models.
Oligopolists
Companies or entities that are part of an oligopoly, a market structure characterized by a small number of firms controlling a large market share, often leading to less competitive markets.
Pricing Behavior
The strategies and practices employed by sellers in setting and adjusting prices of goods and services.
Kinked-Demand Curve
A demand curve that has a flatter slope above the current price than below the current price. Applies to a noncollusive oligopoly firm if its rivals will match any price decrease but ignore any price increase.