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January 31, 2023 

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FALLACY OF PERSONAL ATTACK: The logical fallacy of arguing that something is bad because someone "associated" with the thing is ugly, has a funny nose, drives a foreign car, regularly watches daytime soap operas, or wears outdated clothing. This fallacy is rampant in the political arena. While some politicians might have you believe that only good people propose good policies, while bad people have bad policies. The fact of the matter is that good people propose bad policies and bad people propose good policies.

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Lesson Contents
Unit 1: Intro
  • Definition
  • A Few Examples
  • Market Control
  • Competition
  • Unit 1 Summary
  • Unit 2: Four Types
  • A Continuum
  • Perfect Competition
  • Monopoly
  • Monopolistic Competition
  • Oligopoly
  • Other Structurres
  • Unit 2 Summary
  • Unit 3: Getting Control
  • Profit Motivation
  • Entry Barriers
  • Product Differentiation
  • Unit 3 Summary
  • Unit 4: Using Control
  • Takes And Makers
  • Demand Curves
  • Practices
  • Unit 4 Summary
  • Unit 5: Government
  • Efficiency
  • Regulation
  • Unit 5 Summary
  • Course Home
    Market Structures

    Our investigation into market structures lays the foundation for a closer examination of monopoly, monopolistic competition, and oligopoly. This lesson takes a look at how markets are structured based on their competitiveness, the degree of market control held by firms, the acquisition of this market control, and the use market control.

    • The first unit of this lesson, Competition And Control, begins this lesson with a look at competition and market control.
    • In the second unit, Four Types, we examine the four basic types of market structures -- perfect competition, monopoly, monopolistic competition, and oligopoly.
    • The third unit, Getting Control, then looks at two key ways that firms are able to acquire or increase their market control -- product differentiation and entry barriers.
    • In the fourth unit, Using Control, we investigate what firms do when they have market control.
    • The fifth and final unit, Government, then closes this lesson by considering the role government plays in regulating market control.

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    KEYNESIAN MODEL

    A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.

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    APLS

    GRAY SKITTERY
    [What's This?]

    Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for broken fingernail clippers.
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    This isn't me! What am I?

    The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
    "To understand a man, you must know his memories. The same is true of a nation."

    -- Anthony Quayle, Actor

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    Long Run Aggregate Supply
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