Wednesday, December 1, 2010

Post 4: 8 things I learned from the 3 quizzes

1. Consumers benefit most from competitive markets.
2. Sellers in monopolistic competition try to make their product different compared to other products in their competition.
3. Producers spend millions on advertisements.
4. Cartels are group of companies openly organizing to set prices.
5. Price leadership is the most common form of interdependent pricing.
6. "Trust" is another word for monopolies.
7. Standard oil was the best known trust that was broken up.
8. Laissez-faire is the philosophy that states that government doesn't interfere with the market.

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