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COLLUSION AND EFFICIENCY: Colluding oligopolistic firms generally produce less output and charge a higher price than would be the case for a perfectly competitive industry. In essence, colluding oligopolistic firms function just as if a market were monopolized. The price charged by the colluding firms is higher than the marginal cost of production. The equality between price and marginal cost is THE key indication that resources are allocated efficiently and that society's resources are being used to generate the highest possible level of satisfaction. Because the colluding firms control the market like a monopoly, the market demand curve is THE demand curve for the colluding firms's. With a negatively-sloped demand curve, price is greater than marginal revenue. And because a profit-maximizing firm equates marginal revenue with marginal cost, the price charged by the colluding firms when the maximize industry profit is greater than marginal cost.

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JOINT PRODUCTION: The simultaneous production of two or more goods from the same resource. For example the production of beef also results in the production of leather and the production of lumber also results in the production of sawdust. Joint production can be beneficial, that is, giving a producer multiple products to sell. But it can also be problematic when one of the joint products is undesirable, such as pollution or waste residuals.

     See also | complement-in-production | complement | supply | production | joint product | pollution | externality | market failure |


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JOINT PRODUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 5, 2023].


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HOW?

The allocation question that determines the way society's limited resources are combined in the production of goods and services. It can be stated as: How are society's limited resources combined to produce goods and services? This is one of three basic questions of allocation. The other two are What? and For Whom?

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for rusty deck screws.
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In the early 1900s around 300 automobile companies operated in the United States.
"It takes generosity to discover the whole through others. If you realize you are only a violin, you can open yourself up to the world by playing your role in the concert. "

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