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March 25, 2023 

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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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SUPPLY CURVE: A graphical representation of the relationship between the supply price and quantity supplied (that is, the law of supply), holding all ceteris paribus supply determinants constant.

     See also | supply | supply price | quantity supplied | law of supply | ceteris paribus | supply determinants | supply space | supply shock | demand curve | market |


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SUPPLY CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 25, 2023].


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FIXED COST

In general, cost that does not change with changes in the quantity of output produced. More specifically, fixed cost is combined with the adjectives "total" and "average" to indicate the overall level of fixed cost or the per unit fixed cost. Fixed cost is incurred whether of not any output is produced. The contrast to fixed cost is variable cost, cost which does change with the quantity produced.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for infected paper cuts.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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