Chapter 1 notes
Chapter 1 notes
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This 1 page Class Notes was uploaded by Amber Bush on Wednesday September 16, 2015. The Class Notes belongs to a course at a university taught by a professor in Fall. Since its upload, it has received 35 views.
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Date Created: 09/16/15
Mass communications Chapter 13 media economics In media industries there are thee common structures characterize the economics of the business monology oligopoly and limited competttion A monopoly occurs when one rm dominates production and distribution in a particular industry nationally or locally If a monopoly occurs they control all the prices and therefore the quality of a product In an oligopoly a few rms dominate an industry The six companies that control production and distribution are see notes Oligopoliies often add new ideas and product lines by purchasing successful independent companies Limited competitionMonopolistic competition characterizes a media market with many produces and sellers but only a few prodcuts within a particular category Economist pay attention to how the media makes money and how they set prices and live up to societys expectations The media collects revenue on two ways Direct payment whoch involves media productsnewspapers service and indirect payment which advertisments The economis of scale principle the practice of ncreasing production levels to reduce the cost of each product The internet change the game of media It allows people to have a portal to different forms for media In 1890 congress passed the Sherman antitrust act outlawing the monopoly practices and coroporate trusts that often xed prices to force competors out of business
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