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America's Water Meter Industry is dominated by four companies: Rockwell, Badger, Neptune and Hersey. Rockwell has 35 percent market share, and the remaining share rest. Demand is very inelastic and there is barrier to entry due to economies of scale. The firms, fearing that profits may fall to competitive levels have, have set prices cooperatively. They've played "repeated games". There is no attempt by any firm to undercut price and each is satisfied with its market share. 

a. Use graphs to explain the concepts mentioned here.

b. Describe all the economic terms used here, in relation to oligopoly.

 

c. Should the US anti-trust laws be invoked in industries like this? 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9309819

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