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OLIGOPOLY, REALISM: Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 20 of 25

Topic: Decreasing Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • Decreasing returns to scale:

  • Decreasing returns to scale result when a given proportional increase in all inputs results in a less than proportional increase in production.
  • Two notable reasons why long-run production experiences decreasing returns to scale:

    • Management Control

    • Fixed External Inputs

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MARGINAL BENEFIT OF SEARCH

The incremental benefit generated by additional search effort is the marginal benefit of search. Marginal benefit of search, also termed marginal search benefit, is comparable to marginal revenue of short-run production analysis and marginal utility of consumer demand theory. Marginal benefit of search decreases with an increase in search effort and is represented by the marginal benefit of search curve. This is one half of the efficient information search decision. The other is marginal cost of search.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

One of the largest markets for gold in the United States is the manufacturing of class rings.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

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