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October 17, 2018 

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KINKED-DEMAND CURVE: A demand curve with two distinct segments with different elasticities that join to form a kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is directly based on the interdependent decision-making of oligopolistic firms.

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Lesson 2: Economic Science | Unit 3: Verification Page: 11 of 20

Topic: Evaluation: Don't Agree <=PAGE BACK | PAGE NEXT=>

The data and hypothesis don't agree.
  • While we can never absolutely prove a universal positive, we can disprove it, we can reject it as false.
  • Rejecting an hypothesis can be as useful and as informative than accepting it. We know something that is NOT true.
  • If an hypothesis is wrong, then maybe the theory is wrong. Maybe the previously verified principles, unverifiable world axioms are wrong. Maybe the specific test was bad.
  • Whether an hypothesis is accepted or rejected, the recommendation is to do another test and another
Remember science is a process, not a subject.

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EASY MONEY

A general condition of the economy in which money is relatively abundant and plentiful. In modern times, this condition arises when the monetary authority (Federal Reserve System) undertakes expansionary monetary policy. With easy money, interest rates are generally lower, but inflation tends to creep higher. The alternative to easy money is tight money.

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APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?

Two and a half gallons of oil are needed to produce one automobile tire.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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National Longitudinal Survey
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