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OLIGOPOLY AND MONOPOLISTIC COMPETITION: Oligopoly and monopolistic competition have some similarities, but also have a few important differences. Both are examples of imperfect competition on the market structure continuum between ideals of perfect competition and monopoly. However, oligopoly contains a small number of large firms and monopolistic competition contains a large number of small firms. The dividing line between oligopoly and monopolistic competition can be blurred due to the number of firms in the industry.
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CONCENTRATION RATIOS A family of measures of the proportion of total output in an industry that is produced by a given number of the largest firms in the industry. The two most common concentration ratios are for the four largest firms and the eight largest firms. The four-firm concentration ratio is the proportion of total output produced by the four largest firms in the industry and the eight-firm concentration ratio is proportion of total output produced by the eight largest firms in the industry. Concentration ratios are commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control of the largest firms in the industry. A related measure is the Herfindahl index.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for the happiest person in the room.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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APT
Arbitrage Pricing Theory
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