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JOINT DEMAND: Demand for two or more commodities that are either complements-in-consumption or complements-in-production. Joint demand results because two or more commodities are used together either to satisfy wants and needs or to produce goods and services. Because the commodities are used jointly, the demand for one good is necessarily based on the use and availability of another good. If, for example, you enjoy milk and brownies as complements-in-consumption, but the bakery is out of brownies, then your demand for milk is also likely to decline.
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Lesson 19: Monopolistic Competition | Unit 1: Intro
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Page: 5 of 22
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In this unit, you should have learned about:- Monopolistic competition as a market structure with a large number of relatively small firms that sell similar but slightly different products.
- The four characteristics of monopolistic competition -- large number of small firms, similar but not identical products, relatively good resource mobility, and relatively complete knowledge.
- Why monopolistic competition is consider the imperfect real world's best attempt to achieve perfect competition.
- Monopolistic competition as a mix of perfect competition (the "competition") and monopoly (the "monopolistic").
- The important role that product differentiation plays in monopolistic competition, and how it gives each firm "a little bit of a monopoly."
- How product differentiation can be achieved through physical differences, perceived differences, and support services.
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KEYNESIAN MODEL A macroeconomic model based on the principles of Keynesian economics that is used to identify the equilibrium level of, and analyze disruptions to, aggregate production and income. This model identifies equilibrium aggregate production and income as the intersection of the aggregate expenditures line and the 45-degree line. The Keynesian model comes in three basic variations designated by the number of macroeconomic sectors included--two-sector, three-sector, and four sector. The Keynesian model is also commonly presented in the form of injections and leakages in addition to the standard aggregate expenditures format. This model is used to analyze several important topics and issues, including multipliers, business cycles, fiscal policy, and monetary policy.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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WAPM
Weak Axiom of Profit Maximization
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