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HOMOGENEOUS OF DEGREE N: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.
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PRICE LEADERSHIP: A method used by a group of firms in the same market (typically oligopoly firms) in which one firm takes the lead in setting or changing prices, with other firms then following behind. The lead firm is often the largest firm in the industry, but it could be a smaller firm that has just historically assumed the role of price leader perhaps because it is more aware of changing market conditions. While price leadership is totally legal, it could be a sign of collusion, particular implicit collusion, in which the firms have effectively monopolized the market. See also | oligopoly | collusion | price rigidity | kinked-demand curve | nonprice competition | government intervention | antitrust laws |
Recommended Citation:PRICE LEADERSHIP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 1, 2025].
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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for infected paper cuts.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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AGI
Adjusted Gross Income
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