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A strategy involves playing cooperatively at first, then doing whatever the other player did in the previous period

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non-cooperative equilibrium is the result when each player in a game chooses the action that maximize his or her payoff, given the actions of each other players

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The firms in a monopolistically competitive industry have excess capacity; they produce less than the output at which ATC is minimized

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Occurs when a tacit collusion breaks down the aggressive price competition causes prices to collapse

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Firms understand not to compete on price

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One firm sets its price first, and other firms then follow

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Is an attempt by a firm to convince buyers that its product is different from the products of other firms in the industry

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When firms limit production and raise prices in a way that raises each other's profits, even though they have not made any formal agreement

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Occurs when a tacit collusion breaks down the aggressive price competition causes prices to collapse

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Is a game based on two premises: 1) Each player has an incentive to choose an action that benefits itself at the other player's expense; and 2) When both players act in this way, both are worse off than if they had acted cooperatively

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The study of behavior in situations of interdependence

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When sellers cooperate to raise their joint profit

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When the outcome of each firm depends on the actions of the other firms in the market