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CARTEL: A formal agreement between businesses in the same industry, usually on an international scale, to get market control, raise the market price, and otherwise act like a monopoly. A cartel tends to be unstable because the artificially high prices it sets gives each member of the cartel an incentive to "cheat" with a slightly lower price. When only one member of the cartel lowers the price, it can make oodles of profit by taking customers away from the other members. If they all cheat, the cartel falls apart. While cartels damage efficiency, they're power is often short-lived because of this cheating. Like collusion and other techniques of market control, cartels are illegal in the United States.

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Lesson 2: Economic Science | Unit 5: Cause and Effect Page: 18 of 20

Topic: An Example <=PAGE BACK | PAGE NEXT=>

  • Suppose we suspect an apparent correlation between jogging shoe sales and advertising expenditures. Does advertising cause greater shoe production and sales.
Series of events:
  1. Shoe companies increase advertising,
  2. Buyers realize that they want or need more shoes,
  3. Buyers buy more jogging shoes,
  4. Stores sell shoes and order more,
  5. Manufactures respond by making more jogging shoes,
  6. Jogging shoe sales and production are greater.

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CHANGE IN AGGREGATE SUPPLY

A shift of the short-run or long-run aggregate supply curve caused by a change in one of the aggregate supply determinants. In essence, a change in aggregate supply is caused by any factor affecting supply EXCEPT the price level. This is one of two changes related to aggregate supply. The other is a change in real production. A change in aggregate supply is comparable to a change in market supply.

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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for malfunctioning pocket calculators.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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Weak Axiom of Profit Maximization
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