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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 9: Consumer Demand | Unit 3: Marginal Utility Page: 14 of 22

Topic: Diamond-Water Paradox <=PAGE BACK | PAGE NEXT=>

  • The diamond-water paradox is the perplexing observation that water, which is more useful that diamonds, has a lower price than diamonds. If price is related to utility, it seems that water would have a higher price than diamonds, not lower.

  • This paradox actual serves to illustrate the difference between total utility and marginal utility.
  • The most important implication from the diamond-water paradox is that price is related to marginal utility not total utility.

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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for rusty deck screws.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

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