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December 3, 2021 

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LONG-RUN MARGINAL COST CURVE: A graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.

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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.

     See also | market structure | firm | industry | oligopoly characteristics | oligopolistic behavior | market control | product differentiation | barrier to entry | concentration ratio | merger | nonprice competition | collusion | cartel | monopoly | monopolistic competition | oligopsony | antitrust laws | technology | economic growth |


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OLIGOPOLY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: December 3, 2021].


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AVERAGE REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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