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TOTAL-MARGINAL RULE: A mathematical connection between a marginal value is the slope of a curve of the corresponding total value stating that the marginal IS the slope of the total curve. If the total curve has a positive slope (that is, is upward sloping), then marginal is positive. If the total product has a negative slope (downward sloping), then marginal is negative. If the total curve has a zero slope (horizontal), then marginal is zero. Moreover, if the total curve has an increasing slope (becoming steeper), then the marginal is rising. If the total curve has a decreasing slope (becoming flatter), then the marginal is falling.

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Lesson 9: Consumer Demand | Unit 2: Total Utility Page: 6 of 22

Topic: A Measure Of Satisfaction <=PAGE BACK | PAGE NEXT=>

  • Total utility is the total satisfaction of wants and needs obtained from the use or consumption of a good and service.

    Utility and Demand

  • The analysis of demand involves making total-utility comparisons for different quantities of a good.

    Utils

  • In the real world, utility is not measurable.
  • However, in the unreal world of economic instruction, it is convenient to assignment measurement units to utility.

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IMPLICIT COLLUSION

Seemingly independent, but parallel, actions among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the price, and otherwise act like a monopoly. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. This is one of two types of collusion. The other is explicit or overt collusion, which involves an explicit agreement.

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