AP Microeconomics Unit 4

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Across
  1. 3. A group of firms that formally or informally agree to coordinate their actions to reduce competition and increase profits.
  2. 5. A strategy that is the best choice for a player, regardless of the strategies chosen by the other players.
  3. 8. A company or firm that is one of the two dominant firms in a duopoly market.
  4. 10. A branch of mathematics that studies strategic decision-making and interactions between individuals or groups.
  5. 13. Behavior that takes into account the actions and reactions of other individuals or groups.
  6. 14. A market structure in which only two firms or producers control the majority of the market share.
  7. 15. A table that shows the payoffs for each combination of strategies chosen by two or more players in a game.
  8. 16. Referring to a situation in which the actions of one individual or group are affected by the actions of others, and vice versa.
  9. 18. The practice of creating a perception of uniqueness or difference among similar products to justify a higher price.
  10. 19. Government policies and laws designed to promote competition and prevent monopolies and other anti-competitive practices.
  11. 20. A situation in which no player can improve their payoff by unilaterally changing their strategy, given the strategies of the other players.
Down
  1. 1. A name, term, design, symbol, or other feature that identifies one seller's good or service as distinct from those of other sellers.
  2. 2. A strategy in which a player's next move is based on the previous move of the other player, such as cooperating if the other player cooperated and defecting if the other player defected.
  3. 4. The difference between the maximum output that a firm can produce and the output that it is currently producing.
  4. 6. An implicit or informal agreement between firms to limit competition, rather than a formal agreement.
  5. 7. An agreement between firms to act together to limit competition, such as by setting prices or dividing market share.
  6. 9. A form of competition where firms compete on factors other than price, such as quality, service, or advertising.
  7. 11. A pricing strategy where a dominant firm sets a price and smaller firms follow suit.
  8. 12. The outcome or reward that results from a particular action or strategy.
  9. 17. A situation where firms lower prices in an effort to gain market share, resulting in reduced profits for all firms.