IDs and Paired-Concept Questions

question 6

Short Answer

IDs and Paired-Concept Questions
These terms can be used individually as short-answer identification questions, or they can be used in pairs. In the latter case, ask students to explain (1) the meaning and significance of each of the two terms and (2) the relationship between them.
-Health,education

---

Definitions:

Simultaneous Game

A strategic interaction (game) between two or more parties (players) in which every player moves (makes a decision) at the same time.

Collusive Oligopoly

A market condition where a small number of firms illegally agree to set prices or output levels to maximize collective profits.

Noncollusive Oligopoly

A market structure where a few firms dominate but do not explicitly coordinate their pricing and output decisions, leading to competitive but interdependent market outcomes.

Game Theory

A branch of mathematics and economics that studies the strategic interactions among rational decision-makers, aiming to predict their choices of action given the rules of the game and the actions of others.