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DISEQUILIBRIUM PRICE: Any price that fails to balance the market forces of forces of demand and supply and equate the quantity demanded and quantity supplied. In other words, any market price other than the equilibrium price. A disequilibrium price can be either too high (above the equilibrium price) or too low (below the equilibrium price). A price above the equilibrium price creates a surplus in which the quantity supplied is greater than the quantity demanded. A price below the equilibrium price creates a shortage in which the quantity demanded is greater than the quantity supplied.

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Lesson 20: Oligopoly | Unit 2: Structure Page: 6 of 24

Topic: Concentration <=PAGE BACK | PAGE NEXT=>

  • It's quite useful to identify or measure the degree of concentration in an oligopoly market. This is generally accomplished in one of three ways.

    • Market Share: The simplest measure of concentration is the share of the market held by one or more firms in the industry.

    • Concentration Ratio: This measure of concentration combines the market shares for the largest number of firms in an industry to indicate the degree of market concentration.

    • Herfindahl Index: The Herfindahl index includes the market shares of all firms in the market.

  • Consideration and analysis of concentration using either of these three measures is really only relevant for oligopoly.

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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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[What's This?]

Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for strangers with large satchels of used undergarments.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The secret of a good memory is attention, and attention to a subject depends upon our interest in it. We rarely forget that which has made a deep impression on our minds. "

-- Tyron Edwards, theologian

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