|
|
MARKET STRUCTURE: The manner in which a market is organized, based largely on the number of firms in the industry. The four basic market structure models are: perfect competition, monopoly, monopolistic competition, and oligopoly. The primary difference between each is the number of firms on the supply side of a market. Both perfect competition and monopolistic competition have a large number of relatively small firms selling output. Oligopoly has a small number of relatively large firms. And monopoly has a single firm.
Visit the GLOSS*arama
|
|
|
|
                          
CARTEL: A formal agreement between businesses in the same industry, usually on an international scale, to get market control, raise the market price, and otherwise act like a monopoly. A cartel tends to be unstable because the artificially high prices it sets gives each member of the cartel an incentive to "cheat" with a slightly lower price. When only one member of the cartel lowers the price, it can make oodles of profit by taking customers away from the other members. If they all cheat, the cartel falls apart. While cartels damage efficiency, they're power is often short-lived because of this cheating. Like collusion and other techniques of market control, cartels are illegal in the United States. See also | collusion | market control | oligopoly | monopoly | industry | efficiency | profit | antitrust laws |
Recommended Citation:CARTEL, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 3, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: cartel
Search Again?
Back to the GLOSS*arama
|
|
|
INCREASING MARGINAL RETURNS In the short-run production by a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. This is one of two alternatives for marginal returns. The other is decreasing marginal returns. A related phenomenon for long-run production is increasing returns to scale.
Complete Entry | Visit the WEB*pedia |
|
|
GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for high interest rates.
Your Complete Scope
This isn't me! What am I?
|
|
|
The word "fiscal" is derived from a Latin word meaning "moneybag."
|
|
|
"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
|
|
DOC
Department of Commerce
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
