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IMPLICIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement.
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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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AGGREGATE DEMAND DETERMINANTS An assortment of ceteris paribus factors other than the price level that affect aggregate demand, but which are assumed constant when the aggregate demand curve is constructed. Changes in any of the aggregate demand determinants cause the aggregate demand curve to shift. The specific ceteris paribus factors are commonly grouped by the four, broad expenditure categories--consumption expenditures, investment expenditures, government purchases, and net exports.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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SNP
Seminonparametric
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