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DERIVATION, SAVING LINE: A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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Lesson 20: Oligopoly | Unit 3: Behavior
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Page: 11 of 24
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- The decisions by one firm in the market depends on the actions and reactions of the other firms.
- Such interdependence surfaces in two types of activities:
- Competition
- Competition among firms in an oligopoly market can become quite intense.
Competition among the few takes place in a market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control. - With this form of competition, each firm keeps a very close watch on what other firms in market do or plan to do.
- Cooperation
- Cooperation generally takes the form of operating the oligopoly market as a monopoly.
- Oligopoly firms monopolize their market through various types of cooperation, some are explicit others are implicit and difficult to detect.
- Four types worth listing are:
- Price leadership
- Collusion
- A cartel
- A merger
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for slow moving vehicles with darkened windows.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." -- William Faulkner, writer
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PI
Personal Income
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