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YANKEE BOND: A bond issued with a dollar denomination in the United States by a foreign bank or corporation. This allows U.S. investors to invest in foreign securities without price fluctuations caused by exchange rates.
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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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ASSUMPTIONS, PRODUCTION POSSIBILITIES The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the last item on a shelf.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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MRP
Marginal Revenue Product
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