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December 13, 2018 

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GENERAL AGREEMENT ON TARIFFS AND TRADE: A treaty, signed in 1947 by 23 countries including the United States, that was designed to reduce trade barriers. It now carries the signatures of about 100 countries and over the years has been pretty darn effective in reducing tariffs, eliminating some import quotas, and promoting commerce.

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CONSUMER SURPLUS: The satisfaction that consumers obtain from a good over and above the price paid. This is the difference between the maximum demand price that you would be willing to pay and the price that you actually pay. For most consumers, under most circumstances, the demand price is greater than the price paid. Even competitive markets overflowing with efficiency generate an ample amount of consumer surplus.

     See also | satisfaction | demand | demand curve | demand price | price | competitive market | efficiency | producer surplus | diamond-water paradox |


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CONSUMER SURPLUS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 13, 2018].


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OLIGOPOLY, BEHAVIOR

Oligopolistic industries share several behavioral tendencies, including: (1) interdependence, (2) rigid prices, (3) nonprice competition, (4) mergers, and (5) collusion. In other words, each oligopolistic firm keeps a close eye on the decisions made by other firms in the industry (interdependence), are reluctant to change prices (rigid prices), but instead try to attract customers from the competition using incentives other than prices (nonprice competition), and when they get tired of competing with their competitors they are inclined to cooperate formally and legally (mergers) or informally and illegally (collusion).

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Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for high interest rates.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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