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ZERO SLOPE: A horizontal line in which the numerical value of the slope, calculated as the change in the variable on the vertical axis divided by a change in the variable on the horizontal axis, is zero. In other words, the Y-axis variable is fixed, or constant, for any and all values of the X-axis variable.
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Lesson 20: Oligopoly | Unit 1: Intro
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Page: 5 of 24
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In this unit, you should have learned about:- Oligopoly as a market structure characterized by a large number of relatively small firms, each of which possesses significant market control.
- That oligopoly markets are noted for practising competition among the few, having significant entry barriers, and are inefficient enough to prompt government intervention.
- That oligopoly lies close to monopoly on the market structure spectrum, but that there is no clear-cut dividing line between oligopoly and monopolistic competition.
- A few of the real world oligopoly markets, including automobile, computers, petroleum, tires, banking, long distance, television, and airlines.
- Two key structural characteristics of oligopoly -- concentration and entry barriers.
- Six key behavioral characteristics of oligopoly -- interdependence, price rigidity, nonprice competition, price leadership, collusion, mergers.
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AGGREGATE DEMAND INCREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by an increase in aggregate demand resulting in and illustrated by a rightward shift of the aggregate demand curve. An increase in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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AAXICO
American Air Export and Import Company
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