AmosWEB is Economics: CLASS*portal

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May 17, 2026

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BRAND PREFERENCE: The amount of brand loyalty a customer has toward a specific product or service. Some customers are fanatical about a certain brand and will not switch or even consider another substitute. That being said, brand loyalty is sometimes very sensitive to price fluctuations. In the soft drink industry, many consumers will switch back and forth between Pepsi and Coke, depending on which is on sale. These consumers might prefer one product to the other, but are not absolutely loyal or brand insistent.

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Lesson 20: Oligopoly | Unit 5: Evaluation

Page: 22 of 24

Topic: The Good

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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LONG-RUN AGGREGATE SUPPLY CURVE

A graphical representation of the long-run relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. The long-run aggregate supply curve, abbreviated LRAS, is one of two curves that graphically capture the supply-side of the aggregate market. The other is the short-run aggregate supply curve. The demand-side of the aggregate market is occupied by the aggregate demand curve. The vertical long-run aggregate supply curve captures the independent relation between real production and the price level that exists in the long run.

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Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.

"Try not to become a man of success but rather to become a man of value. "

-- Albert Einstein

PPF
Production Possibilities Frontier

A PEDestrian's Guide
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