Tuesday, December 7, 2010
Throughout the quizzes, i learned a lot. I learned that consumers benefit the most from a highly competitive market. I learned that non-price competition is when sellers compete on factors other than price. I learned that the main goal of of product differentiation and nonprice competition is to increase profits. I learned that breakfast cereals are a simple example of an oligopoly. I learned that the most common form of interdependent pricing is price leadership. I learned that a Cartel is group of companies openly organized to set prices. I learned that the Sherman Anti-Trust Act broke up the Standard Oil Company. I also learned that Interstate Commerce Commission oversaw the railroad industry. That is what i learned throughout taking the quizzes.