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AGGLOMERATION: The clustering of several similar or related activities at the same location. Many industries have firms that tend to agglomerate, that is, locate very close to one another, leading to geographic concentration. For example, the motion picture industry is concentrated in California, the fashion industry is concentrated in New York, and the petroleum industry is concentrated in Texas. Agglomeration can be caused by accessibility to a concentrated natural resource (such as petroleum or sunny weather), but if often feeds upon itself through agglomeration economies. Firms in the same industry often have lower production cost when the located near their competitors.

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Lesson 9: Consumer Demand | Unit 4: The Curves Page: 17 of 22

Topic: Marginal Utility <=PAGE BACK | PAGE NEXT=>

  • The marginal utility curve is what provides the greatest insight into market demand and the law of demand.
  • The points plotted come from an infinite number of points that capture the relation between total utility and time at the beach.
  • Let's make a few observations about this curve.

    1. The marginal utility curve is negatively slope.
    2. It starts at a relatively high value, 12 utils, then declines as quantity increases.
    3. The negative slope and decline in the marginal utility curve illustrates the law of diminishing marginal utility.
    4. These observations are consistent with those made for the marginal utility schedule.

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SCREENING

When confronted by asymmetric information, the use of small bits of information, or indicators, that suggest more comprehensive information. Screening occurs when those with limited information try to identify indicators suggesting more complete information. It is used in markets with adverse selection and moral hazard, especially in labor markets and in the provision of insurance. Common methods of screening include aptitude tests, affiliations, past behavior, and personal characteristics. A related method is signalling.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

EFTA
European Free Trade Association
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