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PHYSICAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT: One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in physical wealth causes an increase (upward shift) of the aggregate expenditures line. An increase in physical wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.
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Lesson 20: Oligopoly | Unit 4: Analysis
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Page: 16 of 24
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Topic:
Kinked-Demand Curve Analysis
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- 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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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a green and yellow striped sweater vest or a Boston Red Sox baseball cap. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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LAN
Locally Asymptotically Normal
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