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PREFERENCES: One of the five demand determinants assumed constant when a demand curve is constructed, and that shift the demand curve when they change. The other four are income, other prices, buyers' expectations, and number of buyers. This determinant comes directly form the WILLINGNESS aspect of demand. Before you can have a demand for a good, you must be willing to have the good, you must have a preference for it. In general, if buyers have a greater preference for a good, then they buy more of the good.
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TACIT COLLUSION: Seemingly independent, but parallel actions among competing firms (mostly oligopolistic firms) in an industry that achieve higher prices and profits, much as if guided by an explicit collusion agreement. Also termed implicit collusion, the distinguishing feature of tacit collusion is the lack of any explicit agreement. They key is that each firm seems to be acting independently, perhaps each responding to the same market conditions, but the end result is the same as an explicit agreement. This should be contrasted with explicit or overt collusion that does involve a formal, explicit agreement. See also | collusion | oligopoly | firm | price | profit | explicit collusion | overt collusion | implicit collusion | competition among the few | price leadership | market control | monopoly |
Recommended Citation:TACIT COLLUSION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 26, 2024].
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for crowded shopping malls.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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CMB
Cash Management Bills
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