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FISCAL YEAR: The 12-month period government uses for collecting taxes, appropriating spending, and otherwise tabulating its budget. A government's fiscal year need not be identical to the standard January to December calendar year. The fiscal year used by the U.S. Federal government, for example, runs from October through September. State and local governments often have fiscal years running from July through June. For most governments, the fiscal year is self-contained spending period. The revenue appropriated to a government agency needs to be spent during the fiscal year.

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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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KINKED-DEMAND CURVE

A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.

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APLS

YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials looking to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"A ship ought not to be held by one anchor, nor life by a single hope. "

-- Epictetus, philosopher

UNCTAD
United Nations Conference on Trade and Development
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