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NONPRICE COMPETITION: A method of competition undertaken by firms in the same market (typically oligopoly firms) that involves advertising, brand-name promotion, support services, illegal activities, and everything but the price. Oligopoly firms are quite prone to nonprice competition due to the interdependence, especially such as that illustrated by the kinked-demand curve. Because oligopoly firms find difficulty competing through prices, they seek out alternative methods of competition, such as advertising or sabotage.

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Lesson 4: Production Possibilities | Unit 2: The Schedule Page: 8 of 24

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  • How a production possibilities schedule is set up to display bundles of two different goods.
  • How to work with and interpret a simple production possibilities schedule.
  • How and why the production tradeoff between two goods reflects opportunity cost.
  • The law of increasing opportunity cost and how it is indicated by increasing negative opportunity cost numbers in the production possibilities schedule.


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MARKET DEMAND

The combined demand of everyone willing and able to buy a good in a market. Market demand is one half of the market. The other is market supply. It is graphically represented by a negatively-sloped market demand curve, which can be derived by combining, or adding, the individual demands of every buyer in the market.

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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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