Oligopoly 1 - Introduction

This is a microeconomics lecture series about oligopoly. Oligopoly is a market form with very few firms which are interdependent. As such each firm in the industry exerts an influence on its rivals. These firms make a best response to other firms' decisions.

To better understand the oligopoly market structure one needs to use the tools of "Game Theory". The Nash equilibrium solution of the Cournot Game and the Stackelberg Game will help us understand the behaviors of sellers (i.e. producers or firms).

Category:

Education

Tags:

• Oligopoly
• Cournot Game
• Best Response
• Monopoly
• Perfect Competition
• Nash Equilibrium
• Stackelberg Game
• Microeconomics