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POLITICAL BUSINESS CYCLE: The notion that a business cycle is caused by elected government leaders who manipulate the economy to achieve personal political goals -- that is, to remain in office. The leaders stimulate the economy leading up to an election, creating a business-cycle expansion that ensures (they hope) their re-election, then induce a business-cycle contraction after the election to correct problems created by pre-election stimulation.
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Lesson 20: Oligopoly | Unit 3: Behavior
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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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LONG RUN, MACROECONOMICS In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for the happiest person in the room.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"If I'm selecting a group, the first thing I look for is a record of achievement . . . If (candidates achieve) in small things, there's a very good chance they'll perform well in big things. " -- Edmund Hillary, explorer
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AGI
Adjusted Gross Income
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