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Microeconomics: Markets and Games - Entrepreneurship and Business Innovation - Flashcards
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In what 2 ways can one gain market power?
In what 2 ways can one gain market power?
- Innovating: technological innovation can allow firms to differentiate their products from competitors’ products. Can also go through patents or copyright laws.
- Advertising: firms can attract consumers away from competing products and create brand loyalty.
Hidden action = moral hazard problem. True or false?
Hidden action = moral hazard problem. True or false?
True!
What is collateral?
What is collateral?
An asset that a borrower pledges to a lender as a security for a loan. If the borrower is not able to make the loan payments as promised, the lender becomes the owner of the asset.
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