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Lesson 20: Oligopoly | Unit 5: Evaluation Page: 22 of 24

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

  • The two most noted goods from oligopoly are:

    Innovations:

  • Of the four market structures, oligopoly is the one most prone toward innovation.
  • And innovations are what advance the level of technology, expands production capabilities, promotes economic growth, and leads to higher living standards.

    Scale Economies: Oligopoly firms are also able to take advantage of scale economies that reduce production costs and prices.

  • As large firms, they can "mass produce" at low average cost.


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TOTAL REVENUE CURVE, MONOPOLY

A curve that graphically represents the relation between the total revenue received by a monopoly firm for selling its output and the quantity of output sold. It is combined with a monopoly firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for telephone calls from former employers.
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Two and a half gallons of oil are needed to produce one automobile tire.
"Intense concentration hour after hour can bring out resources in people they didn't know they had. "

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