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Econ 102

QuestionAnswer
positive market feedback when the popularity of one item increases the popularity of another ex: wii and xbox
negative market feedback when the popularity of one item decreases the popularity of another ex: facebook and myspace
incompatable goods things like certain video games and ipods (have lost in certain situations like the vhs )
compatable goods usb or ethernet cords
Cartel when firms in an industry decide/make an agreement to set prices and quotas on the same items (think oil )
collusion when firms cooperatively set output restrictions or increase the price
Positive of cartels if firms don't cheat they have the ability to maximze profits as if they were a monopoly
Negatives of cartels if they do cheat (which there is an incentive) the quantity increases therfore price goes down and profits are not maximized (also other firms will catch on and do the same thing) ex: kuwait and iraq
Conditions that enforce Cartels 1. a small number of firms 2. reltively undifferentiated products 3. easily observable prices 4. similar prices
Oligopoly when larger firms are more efficient than smaller firms so they are only a few firms in that market (think energy and cable companies)
Reasons for Oligopolies 1. economies of scale: large firms more efficient than smaller 2. barriers to entry decrease the number of firms that can enter the market 3. smaller firms merge to form larger firms
Horizontal Merger when a company merger with another company that sells the same thing ( verizon and t mobile) they are on the same level
Vertical Merger company buys up / merges with a company that produces inputs for the main product ex: Pepsi buys a bottling company (lower than the main company )
Concentration Ratio the percentage of total sales that comes from the top few firms in a market if the ratio is close to 100% then its most likely an oligopoly (not much competition) close to 0% then a lot of competition
Monopolistic competition has --- output and ____ prices. This is __ a waste of resources lower, higher
Monopolistic Competition
Created by: rgm5087
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