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HEDONIC PRICE: The notion that the price of good is based on an assortment of characteristics that are both intrinsic to the good itself and external to the good. Hedonic pricing is commonly applied to the housing market in which the price of housing is based on the physical characteristics of the house (size, appearance, features) and the surrounding neighborhood (accessibility to schools and shopping, quality of other houses, availability of public services). Estimating hedonic prices makes it possible to identify the extent to which specific factors affect the price.

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Lesson 20: Oligopoly | Unit 1: Intro Page: 2 of 24

Topic: Market Structure Continuum <=PAGE BACK | PAGE NEXT=>

  • The market structure continuum can be illustrated by this diagram.

  • Oligopoly occupies the right half of the continuum.

  • As a continuum, there are no clear-cut dividing lines between oligopoly and the two adjacent market structures. Let's see why:

    Versus Monopoly

    • One or More Than One

    • Substitutes

    • Cooperation

    Versus Monopolistic Competition:

    • Many or Few

    • Dominance by a Few

    • Geographic Area


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ACCOUNTING COST

An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for a thesaurus filled with typos.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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