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OLIGOPOLY, CONCENTRATION: Oligopoly is a market structure that contains a small number of relatively large firms, meaning oligopoly markets tend to be concentrated. A small number of large firms account for a majority of total output. Concentration unto itself is not necessarily bad, but it often leads to inefficient behavior, such as collusion and nonprice competition. Concentration is measured in three ways--market share, concentration ratio, Herfindahl index.

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Lesson 20: Federal Reserve System | Unit 3: The Fed Pyramid Page: 8 of 20

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The 7-member Board of Governors is the policy making body of the Fed.

The Board of Governors:

  • The Board sets the regulations, rules and policies affecting the money supply and the commercial banking system.
  • Each member of the Board is appointed by the President and approved by the Senate to a 14-year term, with terms staggered every two years.
  • The system is designed to keep the Board non-political: the Board is NOT supposed to be working for the President.
  • The Fed is relatively independent of Congress, too.

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SELF CORRECTION, INFLATIONARY GAP

The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).

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APLS

PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time at a flea market looking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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Weak Axiom of Profit Maximization
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