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Microecon Ch13/14

QuestionAnswer
Monopolistic competition A market structure in which many firms sell a differentiated product, entry is relatively easy, each firm has some control over its product price, and there is considerable nonprice competition
Product differentiation A strategy in which one firm's product is distinguished from competing products by means of its design, related services, quality, location, or other attributes (except price)
Nonprice competition Competition based on distinguishing one's product by means of product differentiation and then advertising the distinguished product to consumers
Four-firm concentration ratio The percentage of total industry sales accounted by the top four firms in the industry
Herfindahl index A measure of the concentration and competitiveness of an industry; calculated as the sum of the squared percentage of market shares of the individual firms the industry
Excess capacity Plant resources that are underused when imperfectly competitive firms produce less output than that associated with achieving minimum average total cost
Oligopoly A market structure in which a few firms sell either a standardized or differentiated product, into which entry is difficult, in which the firm has limited control over price because of mutual interdependence, + where there is usually nonprice competition
Mutual interdependence A situation in which a change in price strategy (or in some other strategy) by one firm will affect the sales and profit of another firm (or firms). Any firm that makes such a change can expect its rivals to react to the change.
Collusion A situation in which firms act together and in agreement (collude) to fix prices, divide a market, or otherwise restrict competition
Kinked-demand curve A demand curve that has a flatter slope above the current price than below the current price. Applies to noncollusive oligopoly firm if its rivals will match any price decrease but ignore price increase
Created by: SpanishAccount33
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