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PERFECT COMPETITION AND DEMAND: The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also the firm's average revenue and, most importantly, its marginal revenue.
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Lesson Contents
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Unit 1: Intro |
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Unit 2: Structure |
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Unit 3: Behavior |
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Unit 4: Analysis |
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Unit 5: Evaluation | |
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Oligopoly
- The first unit of this lesson, A Few Firms, begins this lesson with a look at the nature of oligopoly and how it is related to other market structures.
- In the second unit, Structure, we see how markets with a small number of large firms are structured.
- The third unit, Behavior, then looks at some of activities undertaken by oligopoly that are not seen in other market structures.
- In the fourth unit, Some Graphs, we use a few graphs to examine different ways that oligopoly firms interact in the production of output.
- The fifth and final unit, Taking Stock, then closes this lesson by considering the good and the bad of oligopoly and why it is often prone to government scrutiny.
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LEGAL RESERVES The combination of vault cash and Federal Reserve deposits that banks can legally use to satisfy government reserve requirements. Legal reserves, which can also be considered total reserves, are divided between require reserves and excess reserves. Required reserves are used to back up deposits and process daily transactions, while excess reserves are then available for interest-paying loans.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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AFA
Advertising Federation of America
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