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PERFECTLY ELASTIC: An elasticity alternative in which infinitesimally small changes in price cause infinitely large changes in quantity. In other words, quantity is hyper, super, infinitely responsive to price. Any change in price, no matter how small triggers an infinite change in quantity. Perfectly elastic should be compared with other elasticity alternatives--perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.

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Lesson 20: Oligopoly | Unit 1: Intro Page: 4 of 24

Topic: Structure And Behavior <=PAGE BACK | PAGE NEXT=>

  • Structure: The basic structure of oligopoly rests with a small number of relatively large firms.

  • The two key structural considerations of this characteristic are:

    • Concentration
    • Entry Barriers.

  • Behavior: Markets with a small number of large firms behave differently than monopoly with a single firm or monopolistic competition with a large number of small firms.

  • Some of the more noted behavioral traits include:

    • Interdependence
    • Price Rigidity
    • Nonprice Competition
    • Price Leadership
    • Collusion
    • Mergers


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SLOPE, LONG-RUN AGGREGATE SUPPLY CURVE

The long-run aggregate supply (LRAS) curve is a vertical line with an infinite slope, reflecting the independent relation between the price level and aggregate real production. A higher price level is associated with the same real production as a lower price level. This is the real production generated when resources are fully employed, that is, full-employment production.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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-- Lewis Carroll, writer

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