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TOTAL VARIABLE COST AND MARGINAL COST: A mathematical connection between marginal cost and total variable cost stating that marginal cost IS the slope of the total variable cost curve. This relation between total variable cost and marginal cost is also seen with total cost. The slope of the total cost curve is marginal cost, as well. The relation between total variable cost and marginal cost is but another in the long line of applications of the total-marginal relation.

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Lesson 20: Oligopoly | Unit 5: Evaluation Page: 21 of 24

Topic: The Bad <=PAGE BACK | PAGE NEXT=>

  • Let's consider what is bad about oligopoly.

  • Inefficiency: Like any other firm with market control, oligopoly charges a higher price and produces less output than the efficiency benchmark of perfect competition.

  • Concentration: Another possible problem is that oligopoly tends to increase the concentration of wealth and income.


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ASSUMPTIONS, KEYNESIAN ECONOMICS

The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.

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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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