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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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Lesson 20: Oligopoly | Unit 4: Analysis Page: 16 of 24

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

  • The kinked-demand curve (D) and corresponding marginal revenue curve (MR) are presented in this graph:

  • Note that the marginal cost curve (MC) intersects the marginal revenue curve in the vertical segment.

  • This intersection is implied by the basic construction of the kinked-demand curve.

  • For small changes in production, up or down, the oligopolistic firm maintains existing production and price.

  • This is the source of price rigidity for oligopoly.


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SECOND-DEGREE PRICE DISCRIMINATION

A form of price discrimination in which a seller charges different prices for different quantities of a good. This also goes by the name block pricing. Second-degree price discrimination is possible because decidedly different quantities are purchased by different types of buyers with different demand elasticities. This is one of three price discrimination degrees. The others are first-degree price discrimination and third-degree price discrimination.

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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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