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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.

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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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IMPLICIT COLLUSION

Seemingly independent, but parallel, actions among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the price, and otherwise act like a monopoly. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. This is one of two types of collusion. The other is explicit or overt collusion, which involves an explicit agreement.

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BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for jovial bank tellers.
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This isn't me! What am I?

Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"Well done is better than well said. "

-- Benjamin Franklin, statesman, inventor

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