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Fundamentals of Economics

by: Grayce Heidenreich

Fundamentals of Economics EC 205

Marketplace > North Carolina State University > Economcs > EC 205 > Fundamentals of Economics
Grayce Heidenreich
GPA 3.84

David Hyman

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David Hyman
Class Notes
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This 1 page Class Notes was uploaded by Grayce Heidenreich on Thursday October 15, 2015. The Class Notes belongs to EC 205 at North Carolina State University taught by David Hyman in Fall. Since its upload, it has received 8 views. For similar materials see /class/223919/ec-205-north-carolina-state-university in Economcs at North Carolina State University.

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Date Created: 10/15/15
Pure Monopoly o A single seller of a product that has no close substitues o Barriers to entry of additional sellers in the market must prevail for a profitable monopoly to be maintained 0 Patents secret processes control of a key input cost advantage of large scale production government franchises special ability or technological advantages that others cannot duplicate force and coercion OPEC A Cartel of Petroleum exporting nations Cartels are groups of firms acting together as if they were a single seller Cartels can be unstable as prices are bid up individuals sellers are tempted to sell more than their allotted quotas To be successful in the long run cartels must prevent new competing sellers from entering the market DeBeers A large multinational firm that has monopolized the worldwide sale of diamonds through a cartellike syndicate in the past DeBeers now accounts for 40 of diamond sales At one time it controlled 90 of the market 0 To sell more the more the firm must lower the price 0 The amount the seller chooses to offer for sale will influence the market price of the product


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