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HORIZONTAL AXIS: In a graph, this is one of two lines that intersect at a right angle at their origins. This is the "X-axis" that runs from right and left. In most analyses, the variable measured on the X-axis is consider to be the independent variable.
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Lesson 20: Oligopoly | Unit 3: Behavior
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Page: 14 of 24
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In this unit, you should have learned about:- Why oligopoly is characterized by interdependent decision making, because the actions of one firm invariably affect other firms in the industry.
- How interdependent decision making results from oligopoly firms that practice competition among the few.
- How intense competition among oligopoly firms often gives way to cooperation through price leadership, collusion, cartel, and merger.
- How oligopoly firms cooperate through collusion, by secretly set prices, limiting production, and acting like a monopoly.
- How price leadership can be used as an implicit form of collusion and that cartels are an explicit form of collusion.
- How cooperation among oligopoly firms can be formalized through mergers, the legal joining of two or more firms into a single firm.
- The differences between horizontal mergers, vertical mergers, and conglomerate mergers, and which is most likely to violate antitrust laws.
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LIBERAL A political view that favors--(1) paternalistic government, (2) correction of market failure with government intervention, (3) equal opportunities for all citizens regardless of race, age, gender, ethnic origin, or planet of origin, (4) redistribution of income and wealth, and (5) regulation and control by government over the profit-seeking businesses of the second estate.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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BIF
Bank Insurance Fund
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