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Today's Index
Yesterday's Index 287.9
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What color is the sky in your world?
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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 15: Cost | Unit 3: Four More Measures
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Page: 13 of 24
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- Marginal cost:
- Marginal cost is the change in total cost resulting from a change in the quantity of output produced by a firm in the short run.
- Marginal cost is also defined based on total variable cost.
- Marginal cost is the change in total variable cost resulting from a change in the quantity of output produced by a firm in the short run.
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KEYNESIAN AGGREGATE SUPPLY CURVE An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of Keynesian economics. The Keynesian aggregate supply curve actually comes in two versions. The basic version is reverse-L shaped, with a horizontal segment connected to a vertical segment at a sharp corner. The modified version is also reverse-L shaped, but the vertical and horizontal segments have positive slopes and connecting corner is rounded. An alternative is the classical aggregate supply curve.
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State of the ECONOMY
Sales of New Single-Family Houses
June 2010
330,000
2nd lowest on record
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RED AGGRESSERINE [What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for strangers with large satchels of used undergarments. Your Complete Scope
This isn't me! What am I?
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"Nothing so conclusively proves a man's ability to lead others as what he does from day to day to lead himself." -- Thomas J. Watson, IBM founder
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FRB Federal Reserve Board
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