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ANTITRUST: The generally process of preventing monopoly practices or breaking up monopolies that restrict competition. The term antitrust derives from the common use of the trust organizational structure in the late 1800s and early 1900s to monopolize markets. The most noted example of the use of a monopoly trust was the Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act in 1911. The creation of similar monopoly trusts led to the several antitrust laws, including the Sherman Act, the Clayton Act, and the Federal Trade Commission Act.

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Lesson 12: Business Cycles | Unit 5: Policies Page: 25 of 26

Topic: Contractionary <=PAGE BACK | PAGE NEXT=>

Contractionary policies avoid or limit the problems of business cycle expansions.
  • Contractionary fiscal policy is decreasing government spending or increasing taxes. Less spending can directly offset an inflation-inducing expansion. Higher taxes reduces spending indirectly by reducing household income.
  • Contractionary monetary policy is decreasing in the amount of money in circulation. Less money means less spending.

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KINKED-DEMAND CURVE ANALYSIS

An analysis using the kinked-demand curve to explain rigid prices often found with oligopoly. The kinked-demand curve contains two distinct segments--one for higher prices that is more elastic and one for lower prices that is less elastic. Key to this analysis is that the corresponding marginal revenue curve contains three segments--one associated with the more elastic segment, one associated with the less elastic segment, and one associated with the kink. A profit-maximizing firm can then equate marginal cost to a wide range of marginal revenue values along the vertical segment of the marginal revenue curve. This suggests that marginal cost must change significantly before an oligopolistic firm is inclined to change price.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for strangers with large satchels of used undergarments.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. "

-- Albert Einstein, physicist

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National Economic Development Council
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