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LOSS LEADER: Products sold below cost by a retail store in an attempt to attract buyers who are likely to buy other, more expensive, stuff. Stores are very fond of advertising and even selling popular products at very low prices. However, they hope that once customers have seen fit to enter their stores, then the suckers, er, customers will decide to buy other products that aren't so popular or so low priced. These popular, low-priced products are loss leaders. Sure the store loses profit on the products, but they make up these loses on other stuff.

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Lesson 19: Monopolistic Competition | Unit 5: Evaluation Page: 21 of 22

Topic: Regulation <=PAGE BACK | PAGE NEXT=>

  • Government intervention to correct market control inefficiencies typically involves.

    1. One option is the use of antitrust laws to prevent or correct monopolization of a market.
    2. Another option is to regulating prices, usually through a regulatory commission or agency.
    3. A third option is for government to take over the ownership and control of the firm.

  • Given that the gains from intervention are minimal, but the costs are likely to be substantial, the best choice is just to let it be.


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FEDERAL OPEN MARKET COMMITTEE

A committee of the Federal Reserve Board that is charged with conducting open market operations and is more generally responsible for guiding monetary policy. It is comprised of the 7 members of the Board of Governors and the Presidents of 5 Federal Reserve District Banks. The Federal Open Market Committee (FOMC) meets about eight times a years, on average every six weeks, usually on a Tuesday, to set the course of monetary policy. The Chairman of the Federal Reserve Board is also the Chairman of the FOMC. The President of the New York Federal Reserve Bank is always on this committee and is invariably selected as the Vice Chairman of the FOMC.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for celebrities who speak directly to you through your television.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
"The past cannot be changed. The future is yet in your power. "

-- Hugh White, U.S. Senator

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