Chapter 14-17 Econ Final Flashcards
What are 3 examples of Price Discrimination
Men being paid more than women
Airplane tickets: babies not being charged
Movie Tickets due to senior and child discount
What is an example of game theory?
When Coke makes its decisions based on what Pepsi does
Monopoly
One firm that controls the whole market for a certain product
Perfect Competition
Many firms with an identical product
What is an example of an oligopoly?
T Mobile, Verizon, Sprint, AT&T
Name 3 reasons why is Branding important
Establish a good company name
Reliable
Explains to people what your company does
Oligopoly
Few sellers offering similar or identical products
Monopolistic Competition
Many firms selling similar but NOT identical products
Prisoners dilemma
Making poor decisions based on your lack of trust of the other person
What is an example of a monopoly?
Time Warner Cable being the only TV service provider in Ithaca College
This blocks out all of the other providers from servicing Ithaca College
What is an example of perfect competition?
Coffee and tea
Name 3 reasons why advertising is important?
Gets your name out there
Shows people who you are
What you are selling
What is an example of Monopolistic Competition?
Burger King and McDonald’s
Game Theory
The strategy a firm uses in order to make decisions
What is an example of a prisoners dilemma?
The choice of if you should confess to the crime and rat your partner out to have a shorter prison sentence
OR stay silent which is the best option
