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UNANIMITY RULE: A voting rule in which decisions are made based on unanimous approval of those casting votes. That is, every voter must cast the same vote. Unanimity is used in elections where there is no room for doubt or disagreement. The most common example is court cases where a jury must vote unanimously for conviction or acquittal. Private clubs also employ unanimity vote when admitting new members. This is one of several voting rules. Others include majority, super majority, and plurality.
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Lesson 20: Oligopoly | Unit 4: Analysis
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Page: 17 of 24
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- Collusion, of course, occurs when two or more firms in an oligopoly agree to set prices, control production, and otherwise act like a monopoly.
- To create a monopoly, two firms have to combine their two operations.
- The key consideration is both firms will seek to produce output using the firm with the lowest marginal cost.
- From a graphical standpoint, this is accomplished by horizontally summing the two marginal cost curves.
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AVERAGE-MARGINAL RELATION A mathematical connection between a marginal value and the corresponding average value stating that the change in the average value depends on a comparison between the average and the marginal. This mathematical relation between average and marginal surfaces throughout the study of economics, especially production (average product and marginal product), cost (average total cost and marginal cost), and revenue (average revenue and marginal revenue). A similar relation is that between a total value and the corresponding marginal value.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for poorly written technical manuals.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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Aggregate Supply-Aggregate Demand Model
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