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July 23, 2024 

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OLIGOPOLISTIC BEHAVIOR: Oligopolistic industries are nothing if not diverse. Some sell identical products, others differentiated products. Some have three or four firms of nearly equal size, others have one large dominate firm (a clear industry leader) and a handful of smaller firms (that follow the leader). Whatever products they may sell, and however they may be organized, 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 the competitors customers using incentives other than prices (nonprice competition), and when they get tired of competing with their competitors they are inclined to cooperate either legally (mergers) or illegally (collusion).

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SUPPLY SPACE: The area on or above a supply curve. Sellers are willing and able to sell any price-quantity supplied combination that places them on or above the supply curve, but not below. The reason is that the supply curve represents the minimum supply price for a given quantity supplied or the maximum quantity supplied for a given supply price.

     See also | supply | supply price | quantity supplied | supply curve | supply space | producer surplus |


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SUPPLY SPACE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 23, 2024].


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INFLATIONARY EXPECTATIONS, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in the inflationary expectations causes an increase (rightward shift) of the aggregate curve. A decrease in the inflationary expectations causes a decrease (leftward shift) of the aggregate curve. Other notable aggregate demand determinants include interest rates, federal deficit, and the money supply.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either a pair of red and purple designer socks or a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for jovial bank tellers.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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