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PICKET LINE: This is the traditional method of demonstrating that a labor union is on strike against an employer, whereby union members carry picket signs and walk in a line in front of the employers plant, factory, or place of business. The pickets carried by the striking workers contain messages documenting their striking status and some of their grievances with the employer. The act of walking in an orderly fashion means that they are not engaged in other activities that might be illegal. Crossing the "picket line" is symbolic of attempts to break a streak and to disagree with the goals of the striking workers.
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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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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for gnomes hiding in cypress trees.
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More money is spent on gardening than on any other hobby.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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ISIC
International Standard Industrial Classification
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