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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 Page: 23 of 24

Topic: Government Intervention? <=PAGE BACK | PAGE NEXT=>

  • A couple of important questions regarding Government Intervention:

    1. Do the bads of oligopoly outweigh the goods?
    2. 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:

    1. Antitrust Laws
    2. Price Regulation
    3. 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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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for cardboard boxes.
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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.
"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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