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QUASI-PUBLIC CORPORATION: A business activity that is privately controlled, but authorized by government legislation. The Federal National Mortgage Association is one example. Quasi-public corporations are set up when governments expand their activities and/or divest themselves of current government functions. Quasi-public corporations often result because governments seek to promote a particular activity, such as student loans, low cost home mortgages, or lotteries, but do not want the administrative burden.

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Lesson 20: Oligopoly | Unit 4: Analysis Page: 20 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • How the kinked-demand curve, derived for an oligopoly operating in an interdependent market, has a more elastic segment for price increases, and a less elastic segment for price decreases.
  • The kinked-demand curve analysis, which illustrates how oligopoly prices tend to be relatively rigid because competing firms DON'T match higher prices but DO match lower prices.
  • How colluding firms maximizing industry profit by equating industry marginal revenue to industry marginal cost.
  • How the output of colluding firm is divided based on the marginal cost of production by each firm.
  • Using game theory to illustrate the interdependent decision making among oligopoly firms, such as the decision to advertise.


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SUPPLY

The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period. Supply is one half of the market exchange process--the other is demand. This supply side of the market draws inspiration from the limited resources dimension of the scarcity problem.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for the last item on a shelf.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true."

-- Nathanial Hawthorne, Author

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