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OLIGOPOLY CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 8 of 25

Topic: Labor: Satisfaction And Leisure <=PAGE BACK | PAGE NEXT=>

  • The perpetual trade-off faced by the providers of labor services -- work versus leisure -- results because the person can not be separated from the productive resource.

  • A couple of important implications for the factor supply of labor.

    • Compensating Wages: First, wages tend to be higher or lower depending on the amount of satisfaction associated with the job.

    • Backward-Bending Supply: Second, satisfaction is affected by both working and not working (that is, leisure).


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PERFECT COMPETITION, LONG-RUN ADJUSTMENT

A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).

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