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HOUSEHOLD SECTOR: The basic macroeconomic sector that includes the entire, wants and-needs-satisfying population of the economy. The household sector is the eating, breathing, consuming population of the economy. In a word "everyone," all consumers, all people. This sector includes everyone seeking to satisfy unlimited wants and needs. While it's called "household" sector, this doesn't require that you own a house, live in a house, or even know someone has ever seen a house to be included. The term household sector is merely a short-cut used by economists to indicate the consuming, wants-and-needs-satisfying population.
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Lesson 20: Oligopoly | Unit 4: Analysis
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Page: 18 of 24
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Topic:
Collusion Output
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- By combining their productive capabilities -- that is, their marginal cost curves -- the firms can now reach a profit-maximizing output.
- This is the same output level that would be reach if monopoly controlled the soft-drink market.
- The two firms maximize total industry profit by producing the quantity of output in which the marginal cost of each firm is equal to the marginal revenue for the overall market.
- A Little Cheating: Consider either firm's predicament. Both can increase profit by increasing production.
- However, under the collusion agreement, each firm can do a little better if they increase production -- so long as the other firms maintain the agreement and the higher price.
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MARGINAL PHYSICAL PRODUCT The change in the quantity of total physical product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal physical product, usually abbreviated MPP, is found by dividing the change in total physical product by the change in the variable input. Marginal physical product, which more often goes by the name marginal product (MP), is one of two measures derived from total physical product. The other is average physical product.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for broken fingernail clippers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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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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PPP
Purchasing Power Parity
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