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LONG-RUN MARGINAL COST: The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.

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Lesson 20: Oligopoly | Unit 1: Intro Page: 1 of 24

Topic: Definition <=PAGE BACK | PAGE NEXT=>

  • Lets start with a definition:

  • Oligopoly is a market structure characterized by a small number of relatively large firms, producing either identical products or products with slight differences, with restricted entry and exit, and limitations on information.
  • Most major corporations operate in oligopoly markets.


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TRADITIONAL BANKS

The first financial intermediaries to function as depository institutions, maintain deposits, make loans, and directly control the checkable deposits portion of the economy's money supply. Traditional banks were THE original banks, the financial depository institutions first to offer checkable deposits. Traditional banks invariably have the word "bank" in their names and are charted by either the Comptroller of the Currency or one of the fifty state corporation commissions. Three other types of banks, as a group commonly termed thrift institutions, are credit unions, savings and loan associations, and mutual savings banks.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for door-to-door salesmen.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"There is no passion to be found playing small in settling for a life that idles than the one you are capable of living."

-- Nelson Mandela

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