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COLLUSION PRODUCTION ANALYSIS: To avoid competition, oligopolistic firms are occasionally inclined to cooperate through collusion. Collusion occurs when two or more oligopolistic firms jointly agree to control market prices and quantity and to generally act like a monopoly. Colluding firms set a price and produce a quantity that maximizes industry-wide economic profit, the same price and quantity that would be selected by a profit-maximizing monopoly. Once the industry-wide price and production are determined, each individual firm produces the quantity of output that equates the marginal cost of the firm to the marginal revenue for the industry.;collusion, efficiency;monopoly, short-run production analysis;game theory;oligopoly;collusion;explicit collusion;implicit collusion;cartel;market control;oligopoly, behavior

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Lesson 18: Banking | Unit 1: What It Is Page: 2 of 24

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

There are several types of financial intermediaries.

Note that:

  • Intermediaries bring together buyers and sellers.
  • Buyers and sellers often need an intermediary.
  • Banks perform a 'financial' intermediary function.
  • By maintaining financial deposits and making financial loans, banks navigate the financial side of the economy.

Other types of financial intermediaries include:

  • Insurance agencies, stock brokers, finance companies, mutual funds, and bond traders.

Their function:

  • All these entities divert household income away from consumption expenditures to investment.
  • Banks are important because they maintain checking accounts that are about 60% of the money supply.

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AGGREGATE EXPENDITURES EQUATION

An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for the last item on a shelf.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

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