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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 3: Scarcity | Unit 3: Opportunity Cost
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Page: 10 of 17
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The pervasive problem of scarcity makes opportunity cost fundamental to life itself and to the study of economics.- Economists use the term economic cost to mean opportunity cost. They also just use the term cost.
- Cost is foregone alternative, not necessarily the amount of money paid. Money is a way to keep score. Money is a good way to measure opportunity cost, but not the only way.Two types of opportunity or economic costs:
- Explicit opportunity cost: Out-of-pocket or accounting cost that involves a money payment.
- Implicit opportunity cost: Cost that does not involve a money payment.
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INDUCED CONSUMPTION Household consumption expenditures that depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in consumption. Induced consumption captures the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to consume (MPC) and is reflected by the positive slope of consumption line. The alternative to induced consumption is autonomous consumption, which does not depend on income.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a flea market looking to buy either a microwave over that won't burn your popcorn or a T-shirt commemorating the first day of winter. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The only thing that will stop you from fulfilling your dreams is you. " -- Tom Bradley, former Los Angeles mayor
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SPE
Subgame Perfect Equilibrium
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