Competition & Regulation an der Hochschule Rhein-Waal | Karteikarten & Zusammenfassungen

Lernmaterialien für Competition & Regulation an der Hochschule Rhein-Waal

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TESTE DEIN WISSEN
What is competition?
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TESTE DEIN WISSEN
It is the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.
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TESTE DEIN WISSEN
What is competition policy?
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TESTE DEIN WISSEN
Analysis of policy option to promote competition and application of rules to safeguard fair competition.
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TESTE DEIN WISSEN
Name some examples of important schools of thought!
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TESTE DEIN WISSEN
Classical economics, Austrians, Ordoliberalism, workable competition (Harvard), freedom to compete (Hoppmann), Chicago school, etc.
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TESTE DEIN WISSEN
Which of these following goods and services are considered as “public goods”? Explain why. 1. Cable TV. 2. Vaccinations. 3. Traffic lights.
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TESTE DEIN WISSEN
Only TRAFFIC LIGHTS qualify as a public good, because only they can be provided to two or more people at the same cost as to one person alone. (Note that, even though vaccinations are not public goods, there are positive externalities associated with their provision. The more people are vaccinated against a disease, the less chance there is that other people will be infected by that disease.)
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TESTE DEIN WISSEN
Name all types of costs (explicit and implicit) which must be taken into account!
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TESTE DEIN WISSEN
Fixed Costs, Variable Costs and Total Costs as the first level. Then we have Average Fixed Cost, Average Variable Cost and Average Total Cost (AFC, AVC & ATC). The third level is Short Run Average Cost & Short Run Marginal Cost (SRAC, SRMC). The last level is Long Run Average Cost & Long Run Marginal Cost (LRAC, LRMC).
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TESTE DEIN WISSEN
What are economies of scale?
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TESTE DEIN WISSEN
It means that increase in output leads to a DECREASE of the average cost per unit.
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TESTE DEIN WISSEN
What is a natural monopoly?
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TESTE DEIN WISSEN
It is more efficient for one firm to serve an entire market than for two or more firms.
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TESTE DEIN WISSEN
What is a price taker?
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TESTE DEIN WISSEN
It is a person or a company that has no control to dictate prices for a good or service.
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TESTE DEIN WISSEN
What is the effect of scale economies in an industry?
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TESTE DEIN WISSEN
It increases the number of firms in that industry.
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TESTE DEIN WISSEN
When does perfect competition happen according to the Lerner Index?
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TESTE DEIN WISSEN
When the LI is 0, since P= MC.
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TESTE DEIN WISSEN
How do you calculate the Herfindahl - Hirschman Index (HHI)?
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TESTE DEIN WISSEN
You take each market share percentage for every firm in the industry and you square them and sum them up!
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TESTE DEIN WISSEN
What types of markets are there according to the HHI?
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TESTE DEIN WISSEN
1. Unconcentrated markets (HHI below 1500). 2. Moderately concentrated markets (HHI between 1500 and 2500). 3. Highly concentrated markets (HHI above 2500).
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Beispielhafte Karteikarten für deinen Competition & Regulation Kurs an der Hochschule Rhein-Waal - von Kommilitonen auf StudySmarter erstellt!

Q:
What is competition?
A:
It is the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.
Q:
What is competition policy?
A:
Analysis of policy option to promote competition and application of rules to safeguard fair competition.
Q:
Name some examples of important schools of thought!
A:
Classical economics, Austrians, Ordoliberalism, workable competition (Harvard), freedom to compete (Hoppmann), Chicago school, etc.
Q:
Which of these following goods and services are considered as “public goods”? Explain why. 1. Cable TV. 2. Vaccinations. 3. Traffic lights.
A:
Only TRAFFIC LIGHTS qualify as a public good, because only they can be provided to two or more people at the same cost as to one person alone. (Note that, even though vaccinations are not public goods, there are positive externalities associated with their provision. The more people are vaccinated against a disease, the less chance there is that other people will be infected by that disease.)
Q:
Name all types of costs (explicit and implicit) which must be taken into account!
A:
Fixed Costs, Variable Costs and Total Costs as the first level. Then we have Average Fixed Cost, Average Variable Cost and Average Total Cost (AFC, AVC & ATC). The third level is Short Run Average Cost & Short Run Marginal Cost (SRAC, SRMC). The last level is Long Run Average Cost & Long Run Marginal Cost (LRAC, LRMC).
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Q:
What are economies of scale?
A:
It means that increase in output leads to a DECREASE of the average cost per unit.
Q:
What is a natural monopoly?
A:
It is more efficient for one firm to serve an entire market than for two or more firms.
Q:
What is a price taker?
A:
It is a person or a company that has no control to dictate prices for a good or service.
Q:
What is the effect of scale economies in an industry?
A:
It increases the number of firms in that industry.
Q:
When does perfect competition happen according to the Lerner Index?
A:
When the LI is 0, since P= MC.
Q:
How do you calculate the Herfindahl - Hirschman Index (HHI)?
A:
You take each market share percentage for every firm in the industry and you square them and sum them up!
Q:
What types of markets are there according to the HHI?
A:
1. Unconcentrated markets (HHI below 1500). 2. Moderately concentrated markets (HHI between 1500 and 2500). 3. Highly concentrated markets (HHI above 2500).
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