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Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said: "It's an oligopoly. When one (firm) changes price, they all do…Usually within minutes."
Why is it not surprising to find that in an oligopoly, which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing? In another words, what specific price strategy of Oligopoly marketing was practiced in this case?
In the similar context, on July 8, 2015, the US Department of Justice has filed multiple counts of lawsuits against 4 major airlines companies accusing them on violation of Anti-Trust legislation for price fixing scheme during the 4th of July holiday flights. These four airlines are SW Airlines, Delta, American, and the United who collectively control over 80% of all domestic passenger seats across the country. What specific type of price fixing does this accusation relate to the topics you have studied in this course? How is this case different than the example of Cargil Corporation stated above? Be very brief.
If the real wage can adjust to equilibrate labor supply and labor demmand, what is the real wage. In this equilibrium, illustrate what are employment, output, and the total amount earned by workers.
Illustrate what does the area EBCD represent. Provide a full explanation of the concept that is shown in that area.
A New York Times editorialist recently advocated a cut in the payroll tax.
Critique a human resource article which study employee development (appraising and managing performance, training the workforce, developing careers). The critique must contain the following: -A brief introduction of the article A statement of the pro..
What would you say are the advantages and disadvantages of electronic communication? For example, hardly anyone faxes any more, we email. Do you feel texting is the next evolution for business communication? Or, is there something else? How do you ta..
Elucidate why it is often claimed that hospitals compete for doctors rather than patients. What are some of the implications of this phenomenon.
If the government imposes a limit on sales of a good or service by issuing a license that gives the owner the right to sell a given quantity of the good, the difference between the demand and supply price
Illustrate what price-quantity combination maximizes your firm's profits. Compute the maximum profits.
Draw the opportunity set of a consumer with an income of $1200 who faces prices of Px = 10 and Py = 5. What is the market rate of substitution between the two goods?
Walmart founder Sam Walton amassed an enormous fortune in discounts retailing one of the most viciously competitive markets imaginable.
A bank proudly announces it has switched to continuous compounding on savings accounts and if you now make a deposit of $10,000 the value of your account will double to $20,000 in 10 years. What is the annual effective percent rate?
Select one significant environmental issue. What are the costs and benefits of our current environmental issues from an economic standpoint? What type of market failure could those problems is defined as? What can you as an individual do to help in a..
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