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OLIGOPOLY AND MONOPOLY: Oligopoly and monopoly have some similarities, both tend to be relatively large and possess significant market control, but also have a few important differences, oligopoly market has more than one firm. The dividing line between oligopoly and monopoly, however, can be blurred due to the closeness of substitutes and the inclination of oligopoly firms to collude.

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Lesson 9: Consumer Demand | Unit 5: Taking Stock Page: 21 of 22

Topic: Two Considerations <=PAGE BACK | PAGE NEXT=>

  • The law of diminishing marginal utility sets the stage for understanding the law of demand.
  • But it represents only part of the explanation.

  • Two other considerations in our behind the scenes look at demand are:

  • Constrained Choices

  • If marginal utility is not zero, because of constrained utility maximization, then marginal utility is greater than zero and the price buyers are willing to pay is also greater than zero.
  • Other Goods

  • In the real world, I would not merely decide yes or no about the beach. I would weigh beach frolicking with other options.

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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.

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PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"I can feel guilty about the past, apprehensive about the future, but only in the present can I act."

-- Abraham Maslow, Psychologist

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