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KINKED-DEMAND CURVE ANALYSIS: An analysis that seeks to explain rigid oligopolistic prices using the kinked-demand curve. The kinked demand curve contains two distinct segments, one for higher prices that is more elastic and one for lower prices that is less elastic. The corresponding marginal revenue curve contains a vertical segment at the existing or initial quantity. Because a profit-maximizing oligopolistic firm equates marginal cost to marginal revenue, marginal cost also can take on a range of values at the existing quantity. In other words, marginal cost can increase or decrease without inducing a profit-maximizing oligopolistic firm to change price or quantity.

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HERFINDAHL INDEX: A measure of concentration of the production in an industry that's calculated as the sum of the squares of market shares for each firm. This is an alternative method of summarizing the degree to which an industry is oligopolistic and the relative concentration of market power held by the largest firms in the industry. The Herfindahl index gives a better indication of the relative market control of the largest firms than can be found with the four-firm and eight-firm concentration ratios.

     See also | market share | oligopoly | concentration ratio | market control | antitrust laws |


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HERFINDAHL INDEX, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 28, 2024].


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TOTAL PRODUCT AND AVERAGE PRODUCT

A graphical connection between the total product curve and the average product curve stating that the slope of a line between the origin and any point on the total product curve is equal to the average product. Imagine a ray shooting from the origin and hitting the total product curve. As this ray hits each point on the curve, remaining anchored at the origin, the slope of the ray changes, and the slope of this ray is average product.

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