Tuesday, December 14, 2010


1- Perfect Competition, or Pure Competition, is an ideal market structure.

2- Many Producers spend millions of dollars on advertising to persuade consumers into purchasing their brands/products.

3- Differentiation = Profit.

4- Oligopolies are the most common non-competitive market in the U.S.

5- Cartel: group of companies openly organized to set prices.

6- 'Laissez-faire' translates to 'Hands-off' in French.

7- The Interstate Commerce Comission primarily oversaw the railroads.

8- Federal Trade Commission Act, created in 1914; was passed to investigate charges of unfair methods of competition and commerce.

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