Chapter 14-17 Econ Final Flashcards Preview

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Flashcards in Chapter 14-17 Econ Final Deck (15):
1

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

2

What is an example of game theory?

When Coke makes its decisions based on what Pepsi does

3

Monopoly

One firm that controls the whole market for a certain product

4

Perfect Competition

Many firms with an identical product

5

What is an example of an oligopoly?

T Mobile, Verizon, Sprint, AT&T

6

Name 3 reasons why is Branding important

Establish a good company name
Reliable
Explains to people what your company does

7

Oligopoly

Few sellers offering similar or identical products

8

Monopolistic Competition

Many firms selling similar but NOT identical products

9

Prisoners dilemma

Making poor decisions based on your lack of trust of the other person

10

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

11

What is an example of perfect competition?

Coffee and tea

12

Name 3 reasons why advertising is important?

Gets your name out there
Shows people who you are
What you are selling

13

What is an example of Monopolistic Competition?

Burger King and McDonald's

14

Game Theory

The strategy a firm uses in order to make decisions

15

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

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