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M3: The wide-range monetary aggregate for the U.S. economy containing the combination of M2 (currency, checkable deposits, and assorted savings deposits) and large-denomination, institutional near monies. M3 contains financial assets that are relatively liquid, but not quite as liquid as those found in M1 or M2. The near monies added to M2 to derive M3 include large denomination certificates of deposit, institutional money market mutual funds, repurchase agreements, and Eurodollars. M3 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M2.

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Lesson 20: Oligopoly | Unit 2: Structure Page: 8 of 24

Topic: Herfindahl Index <=PAGE BACK | PAGE NEXT=>

  • 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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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-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 is a smaller level of full-employment real production.

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