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NONPRICE COMPETITION: A method of competition undertaken by firms in the same market (typically oligopoly firms) that involves advertising, brand-name promotion, support services, illegal activities, and everything but the price. Oligopoly firms are quite prone to nonprice competition due to the interdependence, especially such as that illustrated by the kinked-demand curve. Because oligopoly firms find difficulty competing through prices, they seek out alternative methods of competition, such as advertising or sabotage.

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Lesson 13: Aggregate Demand | Unit 1: The Concept Page: 2 of 22

Topic: Circular Flow <=PAGE BACK | PAGE NEXT=>

Aggregate demand and the aggregate market are all about the flow of production through the product markets of the circular flow.

The circular flow is the continuous flow of production, income, and resources between households and businesses.

  • Businesses acquire the services of productive factors through the factor markets
  • Households acquire the resulting production from businesses through the product markets
  • The aggregate market combines all of the individual markets for individual goods and services into a overall, comprehensive, complete, aggregate product market.
  • This is the demand side of the aggregate market.

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TOTAL REVENUE, MONOPOLISTIC COMPETITION

The revenue received by a monopolistically competitive firm for the sale of its output. Total revenue is one two bits of information a monopolistically competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopolistically competitive firm, which has a modest degree of market control, total revenue increases at a decreasing rate. Two other revenue measures directly related to total cost are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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