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TACIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed implicit collusion, the distinguishing feature of tacit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement.

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Lesson 23: Factor Market Equilibrium | Unit 4: Monopsony Page: 19 of 24

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In this unit, you should have learned about:
  • How buyers can have market control in factor markets like sellers have market control in output markets.
  • Monopsony control of a factor market by a single buyer in terms of limited substitutes and entry barriers and what this means for the factor supply curve and marginal factor cost.
  • How and why monopsony employs fewer resources and pays a lower wage than perfect competition.
  • Why monopsony is inefficient because it employs fewer resources and pays a lower wage than perfect competition.


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LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

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