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DEMAND DETERMINANTS: Five basic ceteris paribus factors that affect demand, but which are assumed constant when a demand curve is constructed. Changes in any one causes a shift of the demand curve. The five demand determinants are: income, preferences, other prices, buyers' expectations, and number of buyers.

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Lesson 20: Oligopoly | Unit 2: Structure 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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AUTONOMOUS EXPORTS

Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.

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