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Monopoly

American Paegent Chapter 24 Outline

Subject: 
US History
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Rockefeller family
History of the United States
John D. Rockefeller
Marathon Oil
Rockefeller Foundation
Monopoly
Standard Oil
Economics
Rebate
Economy of the United States
Technology
Business

1. Rebates- were given to large companies that shipped large quantities of goods. This caused problems for farmers as they had to pay more for shorter distances. 2 . John D. Rockefeller ? The oil baron. Maker of the Standard Oil Company in 1870. He would make trust packs with his competition to monopolize the business, this was called horizontal integration. He was an aggressive monopolist. 3. J. Pierpont Morgan ? The banker?s banker. He?d place bankers of his own syndicate on various boards of directors, this was called, interlocking directorates. Bought Carnegie?s business for $400 million and made it the first billion dollar company. 4. President Cleveland ? Gave away land to railroad companies and grudgingly passed the Interstate Commerce Act of 1887.

Oligopoly

Subject: 
Economics
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Economics
Oligopoly
Imperfect competition
Monopoly
Anti-competitive behaviour
Competition
Barriers to entry
Market power
Profit
Technology
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oligopoly
game theory
market structures

Profit maximisation conditions An oligopoly maximises profits by producing where marginal revenue equals marginal costs. Ability to set price Oligopolies are price setters rather than price takers. Entry and exit Barriers to entry are high The most important barriers are: economies of scale patents access to expensive and complex technology strategic actions by incumbent firms designed to discourage or destroy nascent firms Additional sources of barriers to entry: government regulation favoring existing firms making it difficult for new firms to enter the market. Number of firms "Few" ? a "handful" of sellers Long run profits Oligopolies can retain long run abnormal profits

Monopolistic Competition

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Economics
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Imperfect competition
Economics
Monopolistic competition
Microeconomics
Monopoly
Barriers to entry
Industrial organization
Market structure
Monopolistic competition in international trade
Technology
Business
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monopolistic
competition
economics
market structures

competing producers sell products that are differentiated from one another as good but not perfect substitutes such as from branding, quality, or location ?ignores the impact of its own prices on the prices of other firms Characteristics There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors' products. There are few barriers to entry and exit.[4] Producers have a degree of control over price Short Run firms can behave like monopolies in the short ru including by using market power to generate profit. ? Long Run ?the market becomes more like a perfectly competitive?one where firms cannot gain economic profit
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