Examlex
Why do some markets have more firms than others?
Oligopoly
A market structure characterized by a few companies dominating the market, often leading to limited competition and higher prices for consumers.
Monopoly
A monopoly exists when a single firm is the sole provider of a product or service in a particular market, giving it significant control over pricing and the market supply.
Prisoner's Dilemma
Prisoner's Dilemma is a concept in game theory where two individuals acting in their own self-interest pursue a course of action that does not result in the ideal outcome for either of them.
Cooperate
The act of working together towards a common goal or interest, often seen in contexts where individuals or entities join forces for mutual benefit.
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