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 OLIGOPOLY AND MONOPOLISTIC COMPETITION: Oligopoly and monopolistic competition have some similarities, but also have a few important differences. Both are examples of imperfect competition on the market structure continuum between ideals of perfect competition and monopoly. However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. The dividing line between oligopoly and monopolistic competition can be blurred due to the number of firms in the industry.
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 Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 13 of 20

 Topic: More Demand and More Supply <=PAGE BACK | PAGE NEXT=>

Market equilibrium is disrupted if both the demand (higher income) and supply (technological breakthrough) curves shift.
• An increase in demand creates a shortage. Price and quantity tend to increase.
• An increase supply creates a surplus. Price declines and quantity increases.
• The combined effect is an obvious increase in quantity but a questionable change in price.
• At the new equilibrium the price is indeterminant.
• If demand shifts relatively more than supply, price is higher.
• If demand shifts relatively less than supply, price is lower.

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TOTAL VARIABLE COST AND MARGINAL COST

A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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 Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
 "It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. "-- Henry David Thoreau, philosopher
 NENash Equilibrium
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