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LEAKAGE LINE: A line used in the injection-leakage model representing the relation between non-consumption uses of income (that is, leakages) and national income. The three leakages are saving, taxes, and imports. The foundation of the leakages line is the saving line, which is then enhanced by adding taxes and imports. The other part of the injection-leakage model is a line representing injections. The intersection of the injection and leakage lines identifies equilibrium aggregate output, or Keynesian equilibrium.

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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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DECISION LAG

The time lag that it takes government leaders and policy makers to determine the appropriate government action needed to address an economic problem. The decision lag arises because it takes time for policy makers to chose among the array of possible policy actions, each with assorted consequences that appeal differently to different political constituencies. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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