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What is the high-low method? Briefly describe how it is applied.
Differentiated Oligopoly
A market structure in which a few firms offer products that are similar but not perfect substitutes, allowing for some pricing power.
Collusion
An agreement between competing firms to control prices or exclude entry of a new competitor in the market, often in violation of antitrust laws.
Sequential Game
A strategic interaction (game) between two or more parties (players) in which each party moves (makes a decision) in a predetermined order (sequence).
Economic Profits
The profit a company makes after deducting both its explicit and implicit costs.
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