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HIGH-POWERED MONEY: Also termed the monetary base, the total of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. This contains the monetary components over which the Federal Reserve System has relatively complete control and is often used as a guide for the Fed's money control ability and monetary policy.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 10 of 24
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In this unit, you should have learned about:- How oligopoly is characterized by significant concentration that is indicated by market share, the concentration ratio, or the Herfindahl index.
- The concentration ratio, which is the proportion of total sales accounted for by the top firms in the industry, as one measure of concentration in an oligopoly market.
- How 4-firm and 8-firm concentration ratios calculated and are used to indicate high, medium, and low level concentration in an industry.
- The Herfindahl index, which is the sum of the squares of market shares of the firms in the industry, as another measure of concentration in an oligopoly market.
- How the Herfindahl index is calculated and used to indicate high, medium, and low level concentration in an industry.
- How oligopoly is also characterized by high entry barriers, including start up cost, resource ownership, decreasing average cost, government authorization, and trade barriers.
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SHORT-RUN PRODUCTION ALTERNATIVES A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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ATO
At The Opening
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