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Economics Elzinga

Econ 2010 2nd Test

monitoring problem the need to oversee employees to ensure that their actions are in the best interest of the firm
incentive-compatible contract the incentives of each of the two parties in the contract are made to correspond as closely as posible
lazy monopolist firms that do not push for efficiency but merely enjoy the position they are already in
X-inefficiency firms operating far less efficiently then they could
corporate takeover another firm or group of individuals issues a tender offer (agrees to buy up stocks of a company) to gain control and to install its own managers
reverse engineering- the process of a firm buying other firm's products, disassembling them, figuring out how they work and copying them within the law
technological development the discovery of new or improved products or methods of production
dynamic efficiency a market's ability to promove cost-reducing or product-enhancing technological change
network externality when grater use of a product increases the benefit of that product to everyone- FACEBOOK
technological lock in when prior use of a technology makes the adoption of subsequent technologies difficult
markte structure the physical characteristics of the market within which firms interact
monopolistic competition a market structure in which there are many firms selling differentiated products and few barriers to entry 1. Many Sellers 2. Differentiated Products 3. Multiple Dimensions of Competition 4. Easy entry of new firms in the long run
oligopoly a market structure in which there are only a few firms and firms explicitly take other firm's likely responses into account
Created by: jdr7rw



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