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OVERT COLLUSION: A formal, usually secret, collusion agreement among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the market price, and otherwise act like a monopoly. Also termed explicit collusion, the distinguishing feature of overt collusion is a formal agreement. This should be contrasted with implicit or tacit collusion that does not involve a formal, explicit agreement.
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Lesson 4: Production Possibilities | Unit 2: The Schedule
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Page: 7 of 24
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Opportunity cost is greater as we produce more calibrators. Why?- The law of increasing opportunity cost which says that the opportunity cost of producing a good increases as more and more of the good is produced.
- Third rule of inequality. All resources are not equally suited to produce all goods.
- First calibrator (A to B) uses resources best suited for calibrators and least suited for shoes.
- Tenth calibrator (J to K) uses resources least suited for calibrators and best suited for shoes.
- As more of a good is produced and supplied, opportunity cost increases.
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MONOPOLISTIC COMPETITION, LONG-RUN ADJUSTMENT A monopolistically competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each monopolistically 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 two equilibrium conditions--one for profit maximization, the other for zero economic profit.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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DCFM
Discounted Cash Flow Method
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