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MARGINAL REVENUE, MONOPOLY: The change in total revenue received by a monopoly resulting from a change in the quantity of output sold. For a monopoly firm, marginal revenue is less than the price.
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Lesson 20: Oligopoly | Unit 3: Behavior
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Page: 12 of 24
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- More on collusion.
- Collusion is a usually secret agreement among competing firms in an industry to control the market, raise the market price, and otherwise act like a monopoly.
- The reason for secrecy is that such behavior is illegal in the United States as well as most other countries.
- Two types:
- Explicit collusion
- Implicit collusion
- The secretive nature of most explicit collusion makes it very difficult to know when and where it occurs.
- Implicit collusion is even more difficult to identify.
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MARGINAL UTILITY CURVE A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a graduation present for your niece or nephew or a toaster oven that has convection cooking. Be on the lookout for jovial bank tellers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Sometimes our light goes out, but is blown into flame by another human being. Each of us owes deepest thanks to those who have rekindled this light. " -- Albert Schweitzer, missionary physician
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BCUA
Business Computers Users Association
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