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Oligopoly
An oligopoly () is a market in which pricing control lies in the hands of a few sellers. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits. Nonetheless, in the presence of fierce competition among market participants, oligopolies may develop without collusion. This is a situation similar to perfect competition, where oligopolists have their own market structure. In this situation, each company in the oligopoly has a large share in the industry and plays a pivotal, unique role. Many jurisdictions deem collusion to be illegal as it violates competition laws and is regarded as anti-competition behaviour. The EU com ...
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Market Structure
Market structure, in economics, depicts how firms are differentiated and categorised based on the types of goods they sell (homogeneous/heterogeneous) and how their operations are affected by external factors and elements. Market structure makes it easier to understand the characteristics of diverse markets. The main body of the market is composed of suppliers and demanders. Both parties are equal and indispensable. The market structure determines the price formation method of the market. Suppliers and Demanders (sellers and buyers) will aim to find a price that both parties can accept creating a equilibrium quantity. Market definition is an important issue for regulators facing changes in market structure, which needs to be determined. The relationship between buyers and sellers as the main body of the market includes three situations: the relationship between sellers (enterprises and enterprises), the relationship between buyers (enterprises or consumers) and the relationship b ...
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Tacit Collusion
Tacit collusion is a collusion between competitors who do not explicitly exchange information but achieve an agreement about coordination of conduct. There are two types of tacit collusion: concerted action and conscious parallelism. In a concerted action also known as concerted activity, competitors exchange some information without reaching any explicit agreement, while conscious parallelism implies no communication. In both types of tacit collusion, competitors agree to play a certain strategy ''without explicitly saying so''. It is also called oligopolistic price coordination or tacit parallelism. A dataset of gasoline prices of BP, Caltex, Woolworths, Coles, and Gull from Perth gathered in the years 2001 to 2015 was used to show by statistical analysis the tacit collusion between these retailers. BP emerged as a price leader and influenced the behavior of the competitors. As result, the timing of price jumps became coordinated and the margins started to grow in 2010. Co ...
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Oligarchy
Oligarchy (; ) is a form of government in which power rests with a small number of people. Members of this group, called oligarchs, generally hold usually hard, but sometimes soft power through nobility, fame, wealth, or education; or through corporate, religious, political, or military control. Throughout history, power structures considered to be oligarchies have often been viewed as coercive, relying on public obedience or oppression to exist. Aristotle pioneered the use of the term as meaning rule by the rich, contrasting it with aristocracy, arguing that oligarchy was a corruption of aristocracy. Types Minority rule The consolidation of power by a dominant minority, whether religious or ethnic, can be considered a form of oligarchy. Examples include South Africa during apartheid, Liberia under Americo-Liberians, the Sultanate of Zanzibar, and Rhodesia. In these cases, oligarchic rule was often tied to the legacy of colonialism. In the early 20th ...
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Collusion
Collusion is a deceitful agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading or defrauding others of their legal right. Collusion is not always considered illegal. It can be used to attain objectives forbidden by law; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. It can involve "unions, wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties". In legal terms, all acts effected by collusion are considered void (law), void. Definition In the study of economics and market competition, collusion takes place within an Industry (economics), industry when rival companies cooperate for their mutual benefit. Conspiracy usually involves an agreement between two or more sellers to take action to suppress competition between sellers in the m ...
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Profit (economics)
In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. It is equal to total revenue minus total cost, including both Explicit cost, explicit and implicit cost, implicit costs. It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An Economists, economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore, economic profit is smaller than accounting profit. ''Normal profit'' is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry. It is the mi ...
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Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in Exchange (economics), exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the value of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emergence, emerges more or less spontaneous order, spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant Gift economy, gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for ...
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European Union Competition Law
In the European Union, competition law promotes the maintenance of competition within the European Single Market by regulating anti-competitive conduct by companies to ensure that they do not create cartels and monopolies that would damage the interests of society. European competition law today derives mostly from articles 101 to 109 of the Treaty on the Functioning of the European Union (TFEU), as well as a series of Regulations and Directives. Four main policy areas include: *Cartels, or control of collusion and other anti-competitive practices, under article 101 TFEU. * Market dominance, or preventing the abuse of firms' dominant market positions under article 102 TFEU. *Mergers, control of proposed mergers, acquisitions and joint ventures involving companies that have a certain, defined amount of turnover in the EU, according to the European Union merger law. * State aid, control of direct and indirect aid given by Member States of the European Union to companies un ...
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Economy Of Armenia
The economy of Armenia grew by 5.9% in 2024, according to estimates by the International Monetary Fund, with total output amounting to $25.5 billion. GDP contracted sharply in 2020 by 7.1%, mainly due to the COVID-19 recession and the Second Nagorno-Karabakh War, Second Nagorno-Karabakh War with Azerbaijan. In contrast it grew by 7.6% in 2019, 5.8% in 2021, 12.6% in 2022 and 8.3% in 2023. Between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled. While part of the Soviet Union, the economy of Armenian Soviet Socialist Republic, Armenia was based largely on manufacturing industry—chemicals, electronic products, machinery, processed food, synthetic rubber and textiles; it was highly dependent on outside resources. Armenian mines produce copper, zinc, gold and lead. The vast majority of energy is produced with imported fuel from Russia, including gas and nuclear fuel for Armenia's Armenian Nuclear Power Plant, Metsamor nuclear ...
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Paper Industry
The pulp and paper industry comprises companies that use wood, specifically pulpwood, as raw material and produce pulp, paper, paperboard, and other cellulose-based products. Manufacturing process In the manufacturing process, pulp is introduced into a paper machine where it is shaped into a paper web and water is extracted through pressing and drying stages. Pressing involves removing water from the sheet by applying force. This process employs a specialized type of felt, distinct from traditional felt, to absorb the water. In contrast, hand-made paper uses a blotter sheet for this purpose. Drying involves eliminating water from the paper sheets through air or heat. Historically, this was achieved by hanging the sheets to dry, similar to laundry. In modern papermaking, various heated drying mechanisms are employed, with the steam-heated can dryer being the most prevalent on paper machines. History Papermaking as a craft is ancient, and for centuries it used various fibers, ...
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Sugar Refining
Sugar is the generic name for sweet-tasting, soluble carbohydrates, many of which are used in food. Simple sugars, also called monosaccharides, include glucose, fructose, and galactose. Compound sugars, also called disaccharides or double sugars, are molecules made of two bonded monosaccharides; common examples are sucrose (glucose + fructose), lactose (glucose + galactose), and maltose (two molecules of glucose). White sugar is almost pure sucrose. In the body, compound sugars are hydrolysed into simple sugars. Longer chains of monosaccharides (>2) are not regarded as sugars and are called oligosaccharides or polysaccharides. Starch is a glucose polymer found in plants, the most abundant source of energy in human food. Some other chemical substances, such as ethylene glycol, glycerol and sugar alcohols, may have a sweet taste but are not classified as sugar. Sugars are found in the tissues of most plants. Honey and fruits are abundant natural sources of s ...
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Beer
Beer is an alcoholic beverage produced by the brewing and fermentation of starches from cereal grain—most commonly malted barley, although wheat, maize (corn), rice, and oats are also used. The grain is mashed to convert starch in the grain to sugars, which dissolve in water to form wort. Fermentation of the wort by yeast produces ethanol and carbonation in the beer. Beer is one of the oldest and most widely consumed alcoholic drinks in the world, and one of the most popular of all drinks. Most modern beer is brewed with hops, which add bitterness and other flavours and act as a natural preservative and stabilising agent. Other flavouring agents, such as gruit, herbs, or fruits, may be included or used instead of hops. In commercial brewing, natural carbonation is often replaced with forced carbonation. Beer is distributed in bottles and cans, and is commonly available on draught in pubs and bars. The brewing industry is a global business, consisting of several ...
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Infinity
Infinity is something which is boundless, endless, or larger than any natural number. It is denoted by \infty, called the infinity symbol. From the time of the Ancient Greek mathematics, ancient Greeks, the Infinity (philosophy), philosophical nature of infinity has been the subject of many discussions among philosophers. In the 17th century, with the introduction of the infinity symbol and the infinitesimal calculus, mathematicians began to work with infinite series and what some mathematicians (including Guillaume de l'Hôpital, l'Hôpital and Johann Bernoulli, Bernoulli) regarded as infinitely small quantities, but infinity continued to be associated with endless processes. As mathematicians struggled with the foundation of calculus, it remained unclear whether infinity could be considered as a number or Magnitude (mathematics), magnitude and, if so, how this could be done. At the end of the 19th century, Georg Cantor enlarged the mathematical study of infinity by studying ...
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