Monopoly - Oligopoly

2. - An illegal agreement among firms in an oligopoly to cooperate to limit competition, often by fixing prices or restricting output to increase joint profits.
4. - A formal, explicit agreement among firms to collude. A well-known international example is the Organization of the Petroleum Exporting Countries (OPEC).
7. - A form of tacit collusion where one dominant firm in an oligopoly announces a price change, and other firms in the industry follow suit to maintain stability and avoid price wars.
8. - The practice of a monopolist charging different prices to different customers or groups for the same product, based on their varying willingness to pay. To be effective, the firm must have market power, separate its markets, and prevent reselling.
10. - a situation in which firms compete but also possess market power—which enables them to affect market prices
11. - A market structure in which a single firm is the sole supplier of a particular good or service, and there are no close substitutes.
13. - The study of strategic decision-making in situations where the outcome depends on the choices of interdependent players. It is often used to analyze the behavior of firms in an oligopoly.
15. - The defining feature of a monopoly, where one firm produces all the output for an entire market.
16. - an industry in which there are only two producing firms

1. - A strategy used by firms in an oligopoly to distinguish their products from competitors' products through unique features, branding, quality, or advertising. This allows them to compete on factors other than price.
3. - A market where competition is restricted by law. The government may create monopolies by granting exclusive rights through patents, trademarks, or licenses.
5. - Obstacles that prevent new competitors from easily entering a market. High barriers to entry are a defining characteristic of both monopolies and oligopolies.
6. - A type of monopoly that occurs when a single firm can supply an entire market at a lower average cost than two or more firms. This often happens in industries with high fixed costs, such as public utilities.
7. - A firm that can set or influence the market price of its product. Unlike firms in perfect competition (which are "price takers"), monopolies and oligopolies are "price makers" due to their market power.
9. - A reduction in economic efficiency that occurs when the equilibrium for a good or a service is not optimal. Monopoly pricing typically results in a deadweight loss to society because the quantity of goods produced is lower than in a competitive market.
12. - An industry with only a few sellers
14. - A firm's ability to influence the market price of a product or service. Both monopolies and oligopolies have significant market power, unlike firms in a perfectly competitive market.