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MARKET SUPPLY: The total supply of every seller willing and able to sell a good. Market supply is found by combining the individual supplies of every firm or producer willing and able to sell a particular good. The market supply curve is found by horizontally adding all individual supply curves, that is, sum up the quantities supplied by all sellers at each and every price. Market supply operates according to the law of supply, as illustrated by a upward-sloping market supply curve. For higher prices the quantity supplied by all sellers in the market combined is greater than the quantity supplied for lower prices.

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

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  • 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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PRINCIPAL-AGENT PROBLEM

A disconnection or conflict between the objectives and goals of the principal and those of the agent authorized to represent the principal. The principal-agent problem arises because an agent is given the responsibility and authority to take actions that affect both the principal, but can also affect the agent. This problem is common in corporate management, where the principal is shareholders and the agent is managers. It is also common in government, where the principal is the public and the agent is elected leaders.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

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