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OLIGOPOLY CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 20 of 22

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

It takes time to move the economy from short run equilibrium to long run equilibrium.

Two options:

  • Wait for self-correcting mechanism --> A short-run imbalance in the labor market eventually triggers the steps that move the economy to full-employment production and long-run equilibrium.
  • Take immediate steps --> Induced shifts in the AD, SRAS, LRAS curves that would, presumably reach full employment faster than the self-correcting mechanism.

The critical questions remains:

  • How much time is needed to adjust from the short run to the long run?

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LAW OF INCREASING OPPORTUNITY COST

The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.

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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success. "

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