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OLIGOPOLY, CONCENTRATION: Oligopoly is a market structure that contains a small number of relatively large firms, meaning oligopoly markets tend to be concentrated. A small number of large firms account for a majority of total output. Concentration unto itself is not necessarily bad, but it often leads to inefficient behavior, such as collusion and nonprice competition. Concentration is measured in three ways--market share, concentration ratio, Herfindahl index.

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Lesson 19: Monopolistic Competition | Unit 3: Output Page: 12 of 22

Topic: The Curves <=PAGE BACK | PAGE NEXT=>

  • Let's now analyze the short-run production decision using the folowing four curves:

    • Demand (Average Revenue) (D = AR)
    • Marginal Revenue (MR)
    • Average Total Cost (ATC)
    • Marginal Cost (MC)

  • Our task is to identify the firm's profit-maximizing production level.

    • This level is achieved at the intersection of the marginal revenue (MR) and marginal cost (MC) curves.

    • The priced that the firm charges and the price that buyers are willing to pay for this 6-unit production quantity is $4.95.


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AVERAGE REVENUE, MONOPOLY

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopoly average revenue is greater than marginal revenue. Average revenue for a monopoly is often depicted by a negatively-sloped average revenue curve.

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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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