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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.

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Lesson 20: Oligopoly | Unit 3: Behavior Page: 14 of 24

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In this unit, you should have learned about:
  • Why oligopoly is characterized by interdependent decision making, because the actions of one firm invariably affect other firms in the industry.
  • How interdependent decision making results from oligopoly firms that practice competition among the few.
  • How intense competition among oligopoly firms often gives way to cooperation through price leadership, collusion, cartel, and merger.
  • How oligopoly firms cooperate through collusion, by secretly set prices, limiting production, and acting like a monopoly.
  • How price leadership can be used as an implicit form of collusion and that cartels are an explicit form of collusion.
  • How cooperation among oligopoly firms can be formalized through mergers, the legal joining of two or more firms into a single firm.
  • The differences between horizontal mergers, vertical mergers, and conglomerate mergers, and which is most likely to violate antitrust laws.


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INNOVATION PROFIT

Economic profit, the difference between the total revenue received by a firm and the total opportunity cost of production, that is attributable to innovation, the initial application of new products, technologies, or ideas. Innovation profit is one of two sources of economic profit. The other is monopoly profit that arises due to market control. The generation of innovation profit is an important incentive that by rewarding individual innovative behavior enables society-wide benefits from the resulting innovations.

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