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GAME THEORY: An analysis that illustrates how choices between two plays affect the outcome of a "game." Game theory is commonly used in economics to illustrate interdependent decision-making among oligopoly firms. It illustrates that one firm makes a decision based on the decision expected from the other firm. One key conclusion from the game theory analysis is that firms often make decisions that are "second best" or the "lesser of two evils." The classic example of such a decision is the prisoners' dilemma, in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment.

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Lesson 17: Market Structures | Unit 3: Getting Control Page: 14 of 23

Topic: Entry Barriers <=PAGE BACK | PAGE NEXT=>

  • A definition of entry barriers.

  • Entry barriers are natural or artificial restrictions on the movement of resources into an industry which limits the number of competitors.
  • The prime entry barriers are:

    • Start-up cost

    • Resource ownership

    • Decreasing average cost

    • Government authorization

    • Trade restrictions


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TOTAL REVENUE, MONOPOLISTIC COMPETITION

The revenue received by a monopolistically competitive firm for the sale of its output. Total revenue is one two bits of information a monopolistically competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopolistically competitive firm, which has a modest degree of market control, total revenue increases at a decreasing rate. Two other revenue measures directly related to total cost are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for door-to-door salesmen.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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