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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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Lesson 15: Aggregate Market | Unit 2: Equilibrium
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Page: 9 of 22
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The dynamic nature of the aggregate market makes the long-run equilibrium a moving target.- The difference between long-run and short-run equilibria is critical to the study of the macroeconomy.
- Aggregate demand, especially investment, is volatile.
- Aggregate supply, although somewhat predictable, involves continuous adjustments.
- Long-run equilibrium is a perpetually pursued goal, but seldom actually reached.
As we approach the long-run equilibrium target, it has likely changed due to different economic conditions, due to changes in aggregate demand, aggregate supply, or more than likely, both.
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SOCIAL SCIENCE The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for the last item on a shelf.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Man is born to live, not to prepare for life. " -- Boris Pasternak, writer
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IJIO
International Journal of Industrial Organization
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