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VERIFICATION: The hypothesis-testing step of the scientific method. Once an hypothesis is derived from a theory, it must be compared with real world data. This is the verification step. This verification can lead to support or refutation of the hypothesis. Enough support enables a hypothesis to become a principle. Refutation calls into question the theory implying the hypothesis.
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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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COMPLEMENT-IN-CONSUMPTION One of two (or more) goods that provide satisfaction of a want or need when consumed together. A complement-in-consumption is one of two alternatives falling within the other prices determinant of demand. The other is a substitute-in-consumption. An increase in the price of one complement good causes a decrease in demand for the other. A complement-in-consumption has a negative cross elasticity of demand.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for telephone calls from long-lost relatives.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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NCUA
National Credit Union Administration
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