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WORLD TRADE ORGANIZATION: An international organization that oversees multilateral trade among nations. The World Trade Organization, or WTO, was established in 1995 by the Uruguay round of trade negotiations to replace the General Agreement on Tariffs and Trade (GATT) that had been in place for the preceding five decades. The WTO administers multilateral trade agreements, provides a forum for trade negotiations, handles trade disputes, monitors national trade policies, and provides technical assistance and training for developing countries. The WTO has about 150 member countries.

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Lesson 20: Oligopoly | Unit 2: Structure Page: 8 of 24

Topic: Herfindahl Index <=PAGE BACK | PAGE NEXT=>

  • Sometimes economists prefer a more sophisticated measure of concentration. That measure is the Herfindahl index.

  • The Herfindahl index is a measure of concentration of production or sales activity in an industry that's calculated as the sum of the squares of market shares for each firm.
  • One key difference with concentration ratios is that the Herfindahl index squares market shares before adding them together, whereas concentration ratios add the adjusted market shares.

  • Like concentration ratios, the Herfindahl index ranges for a low, indicating perfect competition, to a high indicating monopoly.

  • The specific range is 0 (perfect competition) to 10,000 (monopoly).


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TARIFFS

Taxes imposed by the government of one nation on imports from other nations. The primary goal of tariffs is to reduce imports and increase domestic production. As taxes, tariffs raise the demand price and lower the supply price, and thus reduce the quantity exchanged. Tariffs are one of three common foreign trade policies designed to discourage imports and/or encourage exports. The other two are import quotas and export subsidies.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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