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Ag Econ

Chapter 10: Monopolistic Competition & Oligopoly

Term/QuestionDefinition/Answer
Imperfectly Competitive firms and organizations that fall betwix extremes of monopoly and perfect competition; local farmers markets and equipment dealers
Monopolistic Competition many firms competing to sell similar but different products; "local", "grass-fed", "natural"
Oligopoly when few large firms have all/most of sales in industry; Bayer-Monsanto, Corteva, Syngenta (Seed); John Deere, CIH, New Holland, Kubota (Equipment)
Differentiated Product product consumers perceive as distinctive in some way
How do consumers perceive differentiated products? physical aspects - breed, age of processing, cuts; Location of sale - direct/online; Inteligiable - recipes/cooking tips, traceability, subscription; Perceptions - sustainabley raised, humanly, premium quality
Oligopoly when small # large firms have all/most sales in industry
Collude act as monopoly prices go up, high level of profit; $ go up, P = High
Compete Hard drive down cost, 0 profit; $ go down, P = 0
Collusion when firm acts together to reduce output and keep prices high; hold down industry output, charge higher price, divide profits among themselves
Cartel group of firms have formal agreement to collude to produce monopoly output and sell @ monopoly price
Game Theory branch of mathematics that analyzes situations in which players MUST make decisions and receive payoffs based on what other players decide to do
Prisoner's Dilemma scenario in which gains from cooperation larger than rewards from pursuing self-interest
Duopoly oligopoly w/ only 2 firms
Kinked Demand Curve perceived demand curve arises when competing oligopoly firms commit to match price cuts, but not price increases
Created by: horktera
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