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INDIFFERENCE CURVE: A curve that graphically depicts various combinations of goods that generate the same level of utility to a consumer. In other words, a consumer is "indifferent" among any of the bundles because they all provide the same satisfaction. Indifference curves are combined with a budget line or constraint for indifference curve analysis used to explain many aspects of demand, including the slope of the demand curve and the income and substitution effects.
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 7 of 24
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Topic:
Concentration Ratios
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- The most popular measure (or measures) of concentration has (have) been the concentration ratio.
- A quick definition:
- A concentration ratio is the proportion of total output in an industry that's produced by a given number of the largest firms in the industry.
- The two most common concentration ratios are the 4-firm concentration ratio and 8-firm concentration ratio.
- In general concentration ratios range for a low of 0% to a high of 100%.
- A ratio of 0% indicates perfect competition and 100% ratio indicates total market control by the given number of firms use for the calculation
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UNEMPLOYMENT, PRODUCTION POSSIBILITIES Unemployment is the condition that exists when some available resources are NOT engaged in the production of goods and services. In other words, some resources that could be used for production are not being used. This is indicated in production possibilities analysis by producing a combination of goods that places the economy inside the production possibilities curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Ships are safe in harbor. But that is not what ships are for." -- Anonymous
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JE
Journal of Econometrics
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