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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.
Calculate the sum of real assets and financial assets and total assets of the household.
Explain why monopolistically competitive firms frequently prefer non-price competition to price competition.
Elucidate the implication of the efficiency wage theory for unemployment. In what way are piece rates, commissions, royalties, profit sharing, and stock options substitutes for efficiency wages.
Suppose that there are freezing temperatures in Florida. At the same time the press reports that drinking orange juice significantly reduces the risk of stomach cancer. Predict the effect on equilibrium price and quantity.
Concert tickets to see Adele have increased from 100$ to 150$.
If the data represent 10 months of production for one plant of a specific company, would you consider this to be a short run analysis? How would your answer to question 3 changes if you were told that the data represent 10 different plants during a p..
Assume there are two firms in a market who each simultaneously choose a quantity.
The interest earned is deposited back into the savings account at the end of each month. How much is this account worth after 24 years? Submit your answer to the nearest dollar.
q1. labor is a resource that is necessary to produce many goods. if the price of labor falls says the economist the
Government spending can raise Aggregate Demand and real GDP in the Classical model. Classical economists said that the velocity of money is very volatile. Classical Economists claim interest rates guarantee that savings will equal investment.
A site becomes wildly successful in the United States, and you decide to export overseas. Answer the following:
q1. 1. what value enhancers affected your choice of the school you attend?2. did you consider size location price
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