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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 12 of 20

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  • The four basic changes in the market caused by increases or decrease in demand or supply.
  • The six steps sequence to analyze any market shock: (1) a determinant changes, (2) a curve to shifts, (3) a shortage or a surplus occurs, (4) the price changes, (5) the quantities demanded and supplied change, and (6) the market imbalance is eliminated and equilibrium is restored.
  • That an increase in demand causes an increase quantity and an increase in price.
  • That a decrease in demand causes a decrease quantity and a decrease in price.
  • That an increase in supply causes an increase quantity and a decrease in price.
  • That a decrease in supply causes a decrease quantity and an increase in price.

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CONCENTRATION RATIOS

A family of measures of the proportion of total output in an industry that is produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry. Concentration ratios are commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control of the largest firms in the industry. A related measure is the Herfindahl index.

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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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