05 Jun Question Could get answer for this question please? 1) Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in w
Question
Could get answer for this question please? 1) Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said: “It’s an oligopoly. When one (firm) changes price, they all do…Usually within minutes.” Why is it not surprising to find that in an oligopoly, which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing? In another words, what specific price strategy of Oligopoly marketing was practiced in this case? In the similar context, on July 8, 2015, the US Department of Justice has filed multiple counts of lawsuits against 4 major airlines companies accusing them on violation of AntiTrust legislation for price fixing scheme during the 4th of July holiday flights. These four airlines are SW Airlines, Delta, American, and the United who collectively control over 80% of all domestic passenger seats across the country. What specific type of price fixing does this accusation relate to the topics you have studied in this course? How is this case different than the example of Cargil Corporation stated above? Be very brief.
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