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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 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 11 of 22
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Topic:
Measuring Marginal Utility
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- We can easily calculate marginal utility using Edgar Millbottom's total utility values displayed at the right.
- To review, note that:
- The total amount of time spent at the beach increases from 0 to 8 hours.
- As the number of hours spent at the beach increases, total utility increases from 0 to 42 utils, then decreases.
- The maximum utility of 42 utils is reached for 6 or 7 hours at the beach.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for the last item on a shelf.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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SIC
Standard Industrial Classification
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