Competition.txt

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Author:
Anonymous
ID:
77182
Filename:
Competition.txt
Updated:
2011-04-04 01:11:15
Tags:
monopoly oligopoly
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Description:
economics
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  1. PC price taker or maker
    $ taker
  2. PC how many firms
    A lot
  3. PC product is
    Homogeneous
  4. PC elastic or inelastic
    Perfectly elastic
  5. PC prevalence, how common is it and where do u see it
    Rare : agriculture and stocks
  6. PC barriers to entry
    None
  7. PC do they know rivals
    No
  8. PC what kind of advertising
    Industry advertising except chikita bananas and cuties
  9. PC how do they compete
    On price which is given
  10. PC in the short run how do they choose output and what can they earn
    MR=MC and can earn a profit or loss or zero e-profit
  11. PC in the long run how do they choose output and what do they earn
    MR=MC can earn zero e-profit
  12. PC do we like it? Whyyyy
    Yes, P=MC and zero markup and max total surplus
  13. MC how much control over price
    Some control, competitive price searcher
  14. MC how many firms
    Many
  15. MC product is
    Slightly differentiated
  16. MC elastic or inelastic
    Slightly inelastic
  17. MC prevalence
    Many industries, a lot out there
  18. MC barriers to entry
    Slight but none in long run
  19. MC do they know rivals
    No
  20. MC how do they advertise
    Positive adverrising, not negatively against each other
  21. MC how do they compete
    On price and quality and location
  22. MC in the short run output is at__ and earni
    MR=MC earn a profit or loss or zero e-profit
  23. MC in the long run output is at __ and they earn
    MR=MC and earn zero e-profit
  24. MC do we like it
    Its up to you, get mkt power, P>MC, total surplus is down and u get DWL
  25. O how much price control
    More control, contestible market
  26. O how many firms
    Few firms
  27. O product is
    Differentiated and homogeneous like oil
  28. O elastic or inelastic
    More inelastic
  29. O prevalence
    Many industries
  30. O barriers to entry
    Higher and large
  31. O do they know rivals
    Yes
  32. O what kind of advertising
    Positive and negative
  33. O what do they compete on
    Price and differentiation
  34. O in the short run max output chosen at__ and earn
    MR=MC and earn a profit
  35. O in the long run max output is chosen at ____ and earn
    MR=MC and earn a profit
  36. O do we like it? Whyyyy
    Its up to you, P>MC, DWL, dont like collusion
  37. M price maker or taker
    $ maker
  38. M how many firms
    One
  39. M product is
    Unique
  40. M elastic or inelastic
    More inelastic
  41. M prevalence
    Rare: drugs
  42. M barriers to entry
    Very high and its legal
  43. M know rivals
    No rivals
  44. M what kind of advertising
    Positive and they are the industry
  45. M what do they compete on
    They dont
  46. M in the short run how do they choose output and earn what
    MR=MC earn profit and zero e-profit
  47. M in the long run max output is chosen at __ and earn
    MR=MC earn Profit
  48. M do we like them
    No, theres DWL but we like natural monopolies, something about first degree price discrimination

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