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KUZNETS CYCLE: A cycle of economic activity lasting between 15 and 20 years that acquired the name of the first economist to study it, Nobel Prize laureate Simon Kuznets. The Kuznets cycle is attributed to investment in housing and building construction and is well know among professionals in the real estate market. This is one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Kitchin cycle, Juglar cycle, and Kondratieff cycle.
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Lesson 19: Monopolistic Competition | Unit 1: Intro
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Page: 5 of 22
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In this unit, you should have learned about:- Monopolistic competition as a market structure with a large number of relatively small firms that sell similar but slightly different products.
- The four characteristics of monopolistic competition -- large number of small firms, similar but not identical products, relatively good resource mobility, and relatively complete knowledge.
- Why monopolistic competition is consider the imperfect real world's best attempt to achieve perfect competition.
- Monopolistic competition as a mix of perfect competition (the "competition") and monopoly (the "monopolistic").
- The important role that product differentiation plays in monopolistic competition, and how it gives each firm "a little bit of a monopoly."
- How product differentiation can be achieved through physical differences, perceived differences, and support services.
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AVERAGE PRODUCT AND MARGINAL PRODUCT A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The road to success is always under construction. " -- Lily Tomlin, Actress
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JV
Joint Venture
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