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AMERICAN STOCK EXCHANGE: One of three national stock markets in the United States (see National Association of Securities Dealers and New York Stock Exchange) that trade ownership shares in corporations. In terms of daily stock transactions and the number of stocks listed, the American Stock Exchange is the smallest of these three. However, it's composite index of stock prices -- AMEX is considered important enough to be flashed briefly on the nightly news.
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Lesson 20: Oligopoly | Unit 3: Behavior
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Page: 11 of 24
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- The decisions by one firm in the market depends on the actions and reactions of the other firms.
- Such interdependence surfaces in two types of activities:
- Competition
- Competition among firms in an oligopoly market can become quite intense.
Competition among the few takes place in a market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control. - With this form of competition, each firm keeps a very close watch on what other firms in market do or plan to do.
- Cooperation
- Cooperation generally takes the form of operating the oligopoly market as a monopoly.
- Oligopoly firms monopolize their market through various types of cooperation, some are explicit others are implicit and difficult to detect.
- Four types worth listing are:
- Price leadership
- Collusion
- A cartel
- A merger
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EXPANSION A phase of the business cycle characterized by a general period of rising economic activity. An expansion is one of two basic business cycle phases. The other is contraction. The transition from expansion to contraction is termed a peak and the transition from contraction to expansion is termed a trough. The early phase of an expansion is commonly termed a recovery.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SIC
Standard Industrial Classification
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