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Econ 1-26 Game Theory & Oligopoly

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Econ 1-26 Game Theory & Oligopoly

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E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures.
E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause.
E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E)
E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E)
GE.7.1 Define and explain fiscal policy and its tools. (E)
GE.7.2 Define and explain monetary policy and its tools. (E)
GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth.
GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt.
GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E)

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Econ 1-26 Game Theory & Oligopoly
 

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Econ 1-26 Game Theory & OligopolyOnline version

E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures. E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause. E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E) E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E) GE.7.1 Define and explain fiscal policy and its tools. (E) GE.7.2 Define and explain monetary policy and its tools. (E) GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth. GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt. GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E)

by Lance Hiles
1

Two thieves are arrested. They are interviewed separately. If they both confess, they pay $5,000. If neither confesses, they are freed. If 1 confesses & the other doesn't, the first is free & the other owes $10,000. This is the ____ ____ .

     
  
  
2

Many companies have gone bankrupt, while others thrive. Choosing what to sell and how much to charge can be challenging, especially when competing with other companies. Thankfully, companies can use game theory to ____ ____ .

  
  
3

Oligopolies seem like they monopolistic competition, but the difference between the two is that oligopolies are made up of ____ ____ companies . Each company uses game theory to make decisions, with the actions of their competitors in mind.

  
  
4

A payoff matrix gives us our best response, depending upon our competitor's actions. This allows us to act with a ____ ____ , or the best possible result, regardless of what our competitor does.

  
  
5

Advertising is expensive, which increases prices, & then buyers go to our competitors. Thus, since the ___ are ____ in perfectly competitive markets, those firms don't run ads.

  
  
6

The information in a payoff matrix allows us to predict a business outcome. Thus, when your competitor makes a move, the best outcome for you is called your ____ ____ .

  
  
7

Monopolistically competitive markets use some ads, but most are used in oligopolies. Think of car companies, they advertise a lot. Monopolies, however, are not advertising, because they have no ____ .

8

Two companies make the most money if they keep prices high. But both realize they could make ____ ____ if they lower prices. Since both lower prices, neither draws more buyers. Acting out of self-interest leads the least amount of money made.

  
  
9

____ is the most common type of non-price competition. Corporations spend millions [same] products & separating their product from their competitors. But despite all the money, most [same] is forgotten by customers.

10

A ____ ____ can illustrate the rationale of game theory & oligopolies. It shows the high & low prices for two competing companies, & the profit each will make with either price, in relation to their competitor's price.

  
  
11

If companies in an oligopoly raise prices too much, buyers switch to the competitors similar product. Thus, oligopolies use ____ ____ . This means altering service or (making their product better than competitors), but not lowering price.

  
  
12

Organization of Petroleum Exporting Countries (OPEC) is a ____ of oil-rich nations. It can keep the price of oil high by limiting the supply. They control 80% of global oil. There are no international laws, so this is legal.

13

Oligopoly & monopolistic competition both sell products that are not ____ , merely similar. So you may prefer one product, buy if the price rises too much, you will switch to the similar product, which has a lower price.

14

____ ____ looks like colluding, but it is legal. The difference is that one company changes prices on their own, & then the others do the same to stay competitive. Colluding involves all companies together, with the goal of removing competition.

  
  
15

Cars, airlines, movies, candy, & game consoles are all examples of ____. [same] are markets that have high barriers to entry & are controlled by a few large companies. Their products are similar, but not identical.

16

Multiple companies can remove competition by merging into one company, or they can just agree to raise prices above the equilibrium price. Agreeing to keep prices artificially high is ____ , & it is illegal.

17

Fast food chains are examples of ____ ____ . There are lots of producers & barriers to entry are low. The products are similar, but not identical.

  
  
18

If coke lowers prices, so will pepsi. They end up earning less money. Understanding game theory, they know changing prices is pointless. It's best to ____ your drink. This is why prices are stuck in oligopolies & they use non-price competition.

19

____ ____ exists in the local farmer's market. Agricultural goods are identical & there are hundreds of people selling them, since the barriers to entry are low. If you have soil & seeds, you can enter the market.

  
  
20

Optimal results are difficult to achieve when people don't cooperate, & this usually happens because people do what is best for themselves. This is ____ ____ .

  
  
 
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