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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).
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Lesson 20: Oligopoly | Unit 2: Structure
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Page: 8 of 24
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Topic:
Herfindahl Index
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- Sometimes economists prefer a more sophisticated measure of concentration. That measure is the Herfindahl index.
- The Herfindahl index is a measure of concentration of production or sales activity in an industry that's calculated as the sum of the squares of market shares for each firm.
- One key difference with concentration ratios is that the Herfindahl index squares market shares before adding them together, whereas concentration ratios add the adjusted market shares.
- Like concentration ratios, the Herfindahl index ranges for a low, indicating perfect competition, to a high indicating monopoly.
- The specific range is 0 (perfect competition) to 10,000 (monopoly).
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CORPORATION A business established through ownership shares (termed corporate stock) with limited liability of company debts by the owners. A corporation is considered a distinct legal person, separate from its owners. As such, the owners have limited liability. They are only liable for the value of the ownership share and cannot be held personally responsible for any corporate debts. A corporation is one of the three basic forms of business organization. The other two are proprietorship and partnership.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for malfunctioning pocket calculators.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Education is the ability to listen to almost anything without losing your temper or your self-confidence. " -- Robert Frost
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ARIMA
Autoregressive Integrated Moving Average
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