CHAPTER 55 EVALUATING COMPETITION AND MONOPOLY Flashcards

1
Q

Creative destruction

A

A process where firms produce or create innovative new products that replace or destroy existing products in the market; for example the internet has led to a significant shift of spending from bricks and mortar high street shops to online shopping.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Multi-plant monopolist

A

The sole producer in an industry but where production takes place at a number of different sites or plants, each of which could be sold off to provide competition in the industry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly