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INDUSTRY: A collection of firms that produce similar products sold in the same market. The concept of industry is most often used synonymously with market in most microeconomic analysis. That is, the study of perfect competition or oligopoly is not only the study of market structures, but also the study of industrial structure.

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CONSUMER EQUILIBRIUM: The condition that exists when the last dollar spent on one good provides the same marginal utility as the last dollar spent on every other good. In consumer equilibrium, you allocate income between the purchase of different goods in such a way that you cannot increase your level of utility, that is, you have achieved utility maximization. In indifference curve analysis, this occurs where the budget line is tangent to the highest reachable indifference curve. With this consumption bundle, the ratio of prices is equal to the ratio of marginal utilities. This means that the willingness of the consumer to trade one good for the other is exactly the same as the ability to trade the two goods in the market.

     See also | marginal utility | utility | consumer demand theory | utility maximization | budget line | indifference curve |


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CONSUMER EQUILIBRIUM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 20, 2018].


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GAME THEORY

An analysis that illustrates how the choices between two players affect the outcomes of a "game." Game theory is commonly used to explain the behavior and decision making of oligopolistic firms. It illustrates that cooperation, rather competition, between two "players" can lead to an outcome that is more beneficial to both players.

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