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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.

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Lesson 14: Aggregate Supply | Unit 3: The Curves Page: 10 of 20

Topic: Market Supply <=PAGE BACK | PAGE NEXT=>

While the market supply curve and the short-run aggregate supply curve look similar, there are important differences.
  • The price and quantity for the short-run aggregate supply curve are the price level and real production, not the price and quantity of a specific good.
  • The positive slope of the short-run aggregate supply curve is based on rigid wages, tapping into frictional, and structural unemployment, and misperceptions about real wages. The slope of the market supply curve is based on increasing opportunity cost.
  • The short-run aggregate supply curve is not just the aggregation of all market supply curves in the economy.

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PERFECT COMPETITION, LONG-RUN ADJUSTMENT

A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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