misc
this is what defines a monopoly
what is a single producer?
ways to deal with monopolies
- break it up via sherman antitrust act
- take control
- nothing
firms working together and mutually improving buisness
what is a collusion?
what allows monopolistically competitive firms to have market power.
what is differentiation
charging different people different things
in theory, a perfect version would eliminate consumer surplus
what is Price Discrimination?
what allows monopolies to have positive long run profit.
what are high start-up costs?
term for a formal collusion between firms
what is a cartel?
at least 2 types of monopolistically competitive firms
Retail chains
Restaurants
Clothing lines
Convenience stores
a form of product differentiation
what is....
Attributes (safety ratings)
Customer service (southwest vs american)
Location ( fiji vs dasani vs liquid death)
Brand name (nike vs adidas/ apple vs samsung)
?
how a monopoly's product compares to other products.
what is unique?
the defining characteristic of oligopolies
what is mutual interdependence?
forms of product differentiation & examples
Attributes (safety ratings)
Customer service (southwest vs american)
Location ( fiji vs dasani vs liquid death)
Brand name (nike vs adidas/ apple vs samsung)
what cartels allow oligopolies to do
what is price gouge & price fixing?
legal restrictions, resource control, and economies of scale.
what are the barriers to entry in monopolies?
characteristic of products oligopolies produce
what is homogeneous or differentiated.
underused equipment that is not minimizing ATC
what is excess capacity?
because imperfect competition is better than perfect competition
why are there no graphs in imperfect competition?
DOUBLE JEAPORDy
a description of the three types of monopolies and an example of each.
what is...
natural, existing of high startup costs, utilities,
technological, exist because of patents, windmill
government, only the government can provide some services, money printing
how to find oligopolies.
what's concentration ratio: the top 4 firms own 40% of the market?
why monopolistically competitive firms are not efficient
what is P>MC?