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OLIGOPOLY, CONCENTRATION: Oligopoly is a market structure that contains a small number of relatively large firms, meaning oligopoly markets tend to be concentrated. A small number of large firms account for a majority of total output. Concentration unto itself is not necessarily bad, but it often leads to inefficient behavior, such as collusion and nonprice competition. Concentration is measured in three ways--market share, concentration ratio, Herfindahl index.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 13 of 20

Topic: Long Run Supply <=PAGE BACK | PAGE NEXT=>

The key characteristic of the long-run aggregate supply (LRAS) curve is that it is vertical at the full employment level of production.
  • Whatever affects the full-employment level of real production will cause the long-run aggregate supply curve to shift.
  • The determinants of the long-run aggregate supply curve are the same things that cause the production possibilities curve to shift:
The Q and Q determinants:
  • Quantity of Resources.
  • Quality of Resources.

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AVERAGE FACTOR COST, PERFECT COMPETITION

Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for infected paper cuts.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

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