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3 - Economics 121B Industrial Organization Fall 2009...

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1 Economics 121B Industrial Organization Fall 2009 Joonsuk Lee [email protected] Week 3: Market Structure and Strategic Competition 2 Announcement ! Problem Set 1 is due this Wednesday, October 14 ! Answer Keys will be posted at 10 a.m. on Wednesday ! Answer Keys to Practice Midterm 1 will be posted on Friday ! Midterm Exam 1 : October 21, Wednesday at 9:00 am ! Week 3 Reading ! Monday: pp. 116-121, 128-140 ! Wednesday: pp. 155-160 ! Friday: pp. 190-194 3 This Week ! Collusion (from Week 2 slides) ! Collusion and Repeated Games ! Price Fixing Cases ! Antitrust Law and Policy ! Market Structure (from Week 3 slides) ! Definition of a Market ! Measures of Concentration ! Strategic Competition ! Entry Deterrence 4 Definition of a Market ! Before calculating market shares of firms, we need to know the boundary (or total sales) of the market ! An important consideration for defining a market ! Long-run substitution possibilities in both consumption and production ! A practical, specific way of defining a market !
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