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TOTAL FACTOR COST, MONOPSONY: The opportunity cost incurred by a monopsony when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For monopsony, the price paid increases with the quantity purchased and total factor cost increases at an increasing rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.

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Lesson 20: Oligopoly | Unit 3: Behavior Page: 11 of 24

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

  • 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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TOTAL REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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