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WIDGET: A fictitious good commonly used by economic instructors to demonstrate economic principles or undertake hypothetical analyses. For example, the analysis of short-run production for a firm might be demonstrated through the production of widgets. Alternatively, the law of demand might be illustrated with a table or curve comparing the price of widgets with the quantity demanded of widgets. If such a good exists, and there is no clear evidence that widgets have every existed, it is a small mechanical device, constructed of interlocking cogs, several knobs, and at least one handle. Widgets are most often used when thingamajigs and dohickies are unavailable.
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Lesson 20: Oligopoly | Unit 5: Evaluation
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Page: 23 of 24
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Topic:
Government Intervention?
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- A couple of important questions regarding Government Intervention:
- Do the bads of oligopoly outweigh the goods?
- If so, can government make it better?
- A major obstacle to answering these questions is that the evidence is seldom clear-cut.
- While concentration creates the opportunity for greater inefficiency, it's no guarantee.
- Should government intervention be pursued, it generally comes in one of three ways:
- Antitrust Laws
- Price Regulation
- Public Ownership
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TOTAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the total revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. It is combined with a perfectly competitive 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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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness." -- Martin Luther King, Jr., clergyman
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EPS
Earnings Per Share
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