PS5

studied byStudied by 0 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 23

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

24 Terms

1

imperfect competition

between mono and perfect compe; oligo / mono compe

New cards
2

concentration ratio

tính bằng phần trăm top 4 cty

New cards
3

As a group, oligopolists would always be better off if they would act collectively

as a mono

New cards
4

When oligo act as a group, they will produce…

produce small quantity, p > MC

New cards
5

for oligo to make highest profit

price = mono, outcome = mono

New cards
6

OPEC

group control oil production; cartel

New cards
7

Antitrust laws

prevent oligopolists from acting in ways that make markets less competitive

New cards
8

with a math that oligo dont collude,…

increase production until they dont have profit

New cards
9

oligo dont collude, they will have 2 effect

output: p>MC so sell 1 more unit will increase profit

price: increase production => increase total sold => decrease price and profit

New cards
10

oligo provide reason that free trade benefit all, because…

increase firms, price falls

increased competition => smaller DWL

New cards
11

differences between mono and perfect compe:

mono: downward demand curve; have differentiated products; p= ATC > MC=MR long run; Q not at min ATC; excess capacity in long run

perfect: horizontal demand curve; identical products; p=ATC=MC=MR long run; Q at min ATC; efficient scale in long run

New cards
12

Long run mono compe?

p = ATC

<p>p = ATC</p>
New cards
13

short run mono panel?

ATC có thể =,>,<price

New cards
14

source of inefficiency

new entry:

Business-stealing externality (existing firms lose cus and p)

Product-variety externality

New cards
15

•Resale price maintenance (fair trade)

prevent competing on price (limit bundle, discounts…

New cards
16

Predatory pricing

charge too low price

=> anticompetitive, drive some firm out of market

New cards
17

Tying

Offer two goods together at a single price => Expand market power

Skeptics: Cannot increase market power by binding two goods together

Form of price discrimination: Tying may increase profit

New cards
18

Your travel agent provides a list of several hundred local hotels, and a Sheraton. In this case, the Sheraton brand-name is likely to be used as a signal of

quality when quality cannot be easily judged

New cards
19

A recent outbreak of hepatitis was linked to a national fast-food restaurant chain. This is an example of a case in which

brand name identity can be detrimental to the profitability of a firm

New cards
20

tốn nhiều x để đổi lấy y

receive higher marginal utility from y than x

New cards
21

để nâng indifference curve cao hơn (đã có optimun ở dưới)

price x/y giảm

income tăng

New cards
22

effect of change in price lead to

subs effect: ở 1 điểm khác trên cùng indifference curve

income effect: shift sang curve cao hơn

<p>subs effect: ở 1 điểm khác trên cùng indifference curve</p><p>income effect: shift sang curve cao hơn</p>
New cards
23

có income cao, đã có optimum, giá y đột nhiên giảm

giống income effect, Qx giữ nguyên, Qy tăng, shift sang curve cao hơn

New cards
24

slope của budget và indiff xác định bằng

budget = relative price

indiff = MRS

New cards

Explore top notes

note Note
studied byStudied by 17 people
312 days ago
5.0(1)
note Note
studied byStudied by 38 people
379 days ago
5.0(1)
note Note
studied byStudied by 21 people
759 days ago
5.0(1)
note Note
studied byStudied by 56 people
798 days ago
5.0(4)
note Note
studied byStudied by 411 people
345 days ago
5.0(2)
note Note
studied byStudied by 20 people
898 days ago
5.0(1)
note Note
studied byStudied by 14 people
899 days ago
5.0(1)

Explore top flashcards

flashcards Flashcard (147)
studied byStudied by 56 people
850 days ago
5.0(1)
flashcards Flashcard (31)
studied byStudied by 16 people
87 days ago
5.0(1)
flashcards Flashcard (90)
studied byStudied by 26 people
422 days ago
5.0(2)
flashcards Flashcard (46)
studied byStudied by 5 people
395 days ago
5.0(1)
flashcards Flashcard (297)
studied byStudied by 602 people
832 days ago
5.0(2)
flashcards Flashcard (26)
studied byStudied by 3 people
815 days ago
5.0(1)
flashcards Flashcard (42)
studied byStudied by 11 people
548 days ago
5.0(1)
flashcards Flashcard (38)
studied byStudied by 7 people
638 days ago
5.0(1)
robot