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MARGINAL UTILITY AND DEMAND: An explanation of the law of demand and the negatively-sloped demand curve can be found in the analysis of marginal utility and especially the law of diminishing marginal utility. This explanation rests on two propositions. One, the law of diminishing marginal utility means that the marginal utility obtained from consuming a good declines as the quantity consumed increases. Two, the marginal utility of a good underlies the demand price that buyers are willing and able to pay for a good. When combined, these two propositions indicate that the demand price buyers are willing and able to pay for a good declines as the quantity demanded (and consumed) increases. And this is the law of demand.

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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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AMERICAN ECONOMIC ASSOCIATION

A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.

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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for poorly written technical manuals.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"The best way to cheer yourself up is to try to cheer somebody else up."

-- Mark Twain

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