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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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INTERDEPENDENCE: The guiding behavioral principle of oligopoly firms in which the decision by one firm is both affected by the decisions of other firms and in turn affects the decisions of other firms. Such interdependence is characteristic of oligopoly firms that practice competition among the few. Interdependence is indicated by the kinked-demand curve, game theory, collusion, and mergers.

     See also | oligopoly | kinked-demand curve | game theory | collusion | merger | competition among the few |


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PRODUCTION POSSIBILITIES

An analysis of the alternative combinations of two (or more) goods that an economy can produce with existing resources and technology in a given time period. Production possibilities analysis provides insight into the fundamentals of economic thinking, including the introduction of key economic concepts. This analysis usually centers on either a convex production possibilities curve (or frontier) that reflects alternative production combinations of two goods.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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