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 AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
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 Lesson 20: Oligopoly | Unit 4: Analysis Page: 15 of 24

 Topic: Kinked-Demand Curve <=PAGE BACK | PAGE NEXT=>

• How and why oligopoly firms have rigid prices can be illustrated with the use of the kinked-demand curve.

• A kinked-demand curve is a demand curve with two distinct segments with different elasticities that join to form a kink.
• The two segments of a kinked-demand curve are:

1. A relatively more elastic segment for price increases.
2. A relatively less elastic segment for price decreases.

• The most striking feature of this curve is that it comes it three parts:

• One part corresponds with the relatively more elastic demand curve for price increases.

• The second part corresponds with the relatively less elastic demand curve for price decreases.

• The third part is the vertical line connecting these two segments.

• This disjointed marginal revenue curve is the key to oligopoly price rigidity.

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BALANCE OF PAYMENTS

A comprehensive set of accounts that tracks the flow of currency and other monetary assets coming in to and going out of a nation. These payments are used for international trade, foreign investments, and other financial activities. The balance of payments is divided into two accounts -- current account (which includes payments for imports, exports, services, and transfers) and capital account (which includes payments for physical and financial assets). A deficit in one account is matched by a surplus in the other account. The balance of trade is only one part of the overall balance of payments set of accounts.

 PINK FADFLY[What's This?] Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping 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 letters from the Internal Revenue Service.Your Complete Scope
 The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
 "The time to repair the roof is when the sun is shining."-- John F. Kennedy, 35th U. S. president
 IABInter-American Bank
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