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AGGREGATE SUPPLY DETERMINANTS: An assortment of ceteris paribus factors that affect both short-run aggregate supply and long-run aggregate supply, but which are assumed constant when the short-run and long-run aggregate supply curves are constructed. Changes in any of the aggregate supply determinants cause the short-run and long-run aggregate supply curves to shift. While a wide variety of specific ceteris paribus factors can cause the aggregate supply curves to shift, it's usually most convenient to group them into three broad categories -- resource quantity, resource quality, and resource prices.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 11 of 24
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In this unit, you should have learned about:- A review of market control from the selling side, including the four market structures -- perfect competition, monopolistic competition, oligopoly, and monopoly.
- How markets can also be controlled from the buying side resulting in the four market structures of perfect competition, monopsonistic competition, oligopsony, and monopsony.
- Why market control on the buying side is more important to factor markets.
- Monopsony, which is a market structure with a single buyer.
- Monopsonistic competition, which is a marker structure with a large number of relatively small buyers.
- Oligopsony, which is a marker structure with a small number of relatively large buyers.
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EIGHT-FIRM CONCENTRATION RATIO The proportion of total output in an industry produced by the eight largest firms in an industry. This is one of two common concentration ratios. The other is the eight-firm concentration ratio. Another related measure is the Herfindahl index. The eight-firm concentration ratio is commonly used to indicate the degree to which an industry is oligopolistic and the extent of market control held by the eight largest firms in the industry.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Never confuse a single defeat with a final defeat." -- F. Scott Fitzgerald, writer
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AFBD
Association of Futures Brokers and Dealers (UK)
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