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Unformatted text preview: Notes File Edit t Format View Window Help 97% Wed 1:28 AM 88 Aa Qv Search OT iCloud November 5, 2017 at 1:47 AM All iCloud You say i got homework 11/22/17 How i got home... Econ Notes 10 MT2 Notes sdfvbnm 10/25/2017 sdfvbnm Econ Notes 10 MT2 Excess Capacity- The difference between a firm's profit-maximizing quantity and the quantity that minimizes average cost. [in monopolistic competition, firms fall short of Recently Deleted 11/5/17 10/25/2017 producing the quantity that would achieve the lower average cost... =as opposed to perfect competition.] On My Mac Notes Monopolistic Competition- A market structure with many firms selling products that are substitutes but different enough that each firm's demand curve slopes downward; firm Notes Econ Notes 9 MT2 entry is relatively easy. 11/5/17 A monopolist is a.... Google Notes Oligopoly- A market structure characterized by a few firms whose behavior is interdependent. Notes Econ Notes Ch. 7 MT2 . Undifferentiated Oligopoly- An oligopoly that sells a commodity or a product that does not differ across suppliers, such as an ingot of steel or a barrel of oil. 11/5/17 Total Utility- The... Notes Differentiated Oligopoly- An oligopoly that sells products that differ across suppliers, such as automobiles or breakfast cereal. Econ Notes 8 MT2 Econ Notes 10 MT2 11/5/17 Sunk Cost Fallacy 10/27/2017 Notes The Airline Industry Brain Storming Intervi... Economies of Scale...again... 10/25/17 Due 2 weeks fro... Notes Models of Oligopoly: Audio Notes . Collusion- an agreement among firms to increase economic profit by dividing the market or fixing the prices. 10/17/17 Midterm Review Notes Cartel- A group of firms that agree to coordinate the production and pricing decisions to act like a monopolist. Writing For Media . Price Leader- A firm whose price is adopted by other firms in the industry. 10/17/17 Writing Assignm... Notes CH.11 Public Goods and Common Resources Audio Notes 10/5/17 Sample Rate: 44.... The different kinds of goods Notes . Excludability- the property of a good whereby a person can be prevented from using it. Bath Bomb Ingredients 9/28/17 1/2 Cup - Baking... Rivalry in Consumption- the property of a good whereby one person's use diminishes other people's use. Notes Private Goods- good that are both excludable and rival in consumption. Econ Notes 6 9/25/17 Elastic Demand... Public Goods- goods that are neither excludable nor rival in consumption. Notes . Common Resources- Goods that are rival in consumption but not excludable. - New Folder Economic Notes 5 9/25/17 Price Elasticity O... When a good is excludable but not rival in consumption, it is an example of a good produced by a natural monopoly. 47 4 2 9 0 1 0 QW P X 5 PS S Pr Au E...
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