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INCOME CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the buyers' income, which results in a change in the quantities of the goods consumed. The change in buyers' income alters the income constraint and forces a reevaluation of the rule of consumer equilibrium.
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Lesson 17: Market Structures | Unit 3: Getting Control
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Page: 15 of 23
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Topic:
Product Differentiation
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- Product differentiation is a second major source of market control.
- Product differentiation is real or perceived differences among similar goods that prompts buyers to pay different prices.
- The key to production differentiation is that buyers are willing and able to pay different prices for goods that are "essentially" the same.
- Product differentiation is commonly used by monopolistic competition and oligopoly to achieve to interrelated objectives:
- Market Control
- Different Preferences
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GOVERNMENT FUNCTIONS Resource allocation activities that are more efficiently performed using the coercive government powers of taxation, spending, and regulatory authority than by private sector market exchanges. The most noted activities are (1) common defense; (2) education; (3) transportation; (4) public health and safety; (5) legal and judicial system; and (6) money.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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JLEO Journal of Law, Economics and Organization
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