[BCOR 1015] - Final Exam Guide - Comprehensive Notes for the exam (24 pages long!)
Document Summary
Collusion vs. competition: on the necessity and implications of dynamic. Main points of lecture: relationship between market power, competition, prices, and benefits of society, relationship between innovation. More bakeries suggest the idea of less coordination/collusion. Through merger where bakeries coordinate their cookie production/output by joining forces (this is an extreme way to coordinate to lower competition) Capitalism vs. big business (the role of competition) Capitalism in its pure form is anti-big-business: caused by its promotion of the same competition that destroys inefficiency and entire industries through constant innovation by new entrants or by those seeking to survive the rabid competition. Correlation between the number of actors and the strength of competition (absence of collusion) Don"t always assume because there are more people that it"s more competitive (though that"s usual the case) Democratic primary process started with 5, then 2 (bernie and hillary clinton), then 1 (hillary clinton) Republican primary process 13, to 3 (trump, cruz, and kasich), then 1 (trump)
