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AMEX: The common abbreviation for the American Stock Exchange, which is one of three national stock markets in the United States (see National Association of Securities Dealers and New York Stock Exchange) that trade ownership shares in corporations. In terms of daily stock transactions and the number of stocks listed, the American Stock Exchange is the smallest of these three. However, it's composite index of stock prices -- AMEX is considered important enough to be flashed briefly on the nightly news.

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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly Page: 24 of 24

Topic: Unit Review <=PAGE BACK | PAGE NEXT=>

In this unit, you should have learned about:
  • A review of how monopoly control of selling side results in inefficiency with a high price an limited production.
  • Bilateral monopoly as a factor market with a monopsony buyer and a monopoly seller.
  • Differences between four marginal curves -- marginal revenue, marginal revenue product, marginal cost, and marginal factor cost.
  • How bilateral monopoly reaches the factor price through negotiation between the monopsony buyer and the monopoly seller.


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ECONOMIC GOALS

Five conditions of the mixed economy, including full employment, stability, economic growth, efficiency, and equity, that are generally desired by society and pursued by governments through economic policies. The five goals are typically divided into the three that are most important for macroeconomics (the macroeconomic goals of full employment, stability and economic growth) and the two that are most important for microeconomics (the microeconomic goals of efficiency and equity).

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ORANGE REBELOON
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Today, you are likely to spend a great deal of time at an auction wanting to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
"The vacuum created by failure to communicate will quickly be filled with rumor, misrepresentations, drivel and poison. "

-- C. Northcote Parkinson, historian

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