Competitors and Competition
11 important questions on Competitors and Competition
What exactly are competitors?
What are antitrust agencies?
Antitrust agencies, such as the U.S. Department of Justice (DOJ) and the European Commission (EC), are responsible for preventing anticompetitive conduct.
They examine whether merging firms will monopolize a market and whether existing monopolists are abusing their power.
What is the SSNIP criteria? (market definition DOJ)
defined to be “at least one year.”
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Name three conditions at an intuitive level that makes substitutes close to each other?
- The have the same or similar product performance characteristics
- They have the same or similar occasions for use
- They are sold in the same geographic market
Name three criteria for assessing that two products do not operate in the same market?
- They are sold in different locations
- It is costly to transport the goods
- It is costly for consumers to travel to buy the goods
How do you measure a product being a substitute for another product?
Positive Nyx indicates that consumers increase their purchases of good Y as the price of good X increases.
What is a catchment area?
The store can identify the contiguous area from which it draws most of its customers, sometimes called the catchment area.
What is one example of measuring market structure?
A common measure of market structure is the N-firm concentration ratio (CR). This gives
the combined market share of the N largest firms in the market.
When a firm lowers its price, it expects to increase its sales. The sales increase may come from three different sources:
1. Increased sales to the firm’s existing customers
2. Sales to customers of a competing firm who switch to take advantage of the lower
price
3. Sales to individuals who were not planning to purchase from any firm at the prevail-
ing price
What is the difference between monopoly and monopsony?
The analyses of monopoly and monopsony are closely related. Whereas an analysis of
monopoly focuses on the ability of the firm to raise output prices, an analysis of monopsony focuses on its ability to reduce input prices.
What is the revenue destruction effect?
The question on the page originate from the summary of the following study material:
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- Never study anything twice again
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- 100% sure, 100% understanding
