Should this action be taken requires value judgement needs a goal 34 oligopoly

Should this action be taken requires value judgement

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Should this action be taken; requires value judgement; needs a goal! 34. oligopoly -few firms -takes up huge part of the market -may or may not produce homogenous products -may or may not have barriers to enter/exit 35. perfect competition characteristics elastic - price takers -many firms -none of which takes up a huge part of the market -homogenous products -no barriers to enter (easy exit and entry) 36. perfectly elastic demand and what does the demand curve look like demand is responsive to change in price (demand curve is horizontal) 37. perfectly inelastic demand and what does the demand curve look like demand is unresponsive to a change in price (demand curve is vertical) 38. postitive economics - what is the question it asks and does it require value judgement? How does A affect B; no judgement on what's best for society 39. PPF shows the possible combinations of output that can be produced with the economy's available inputs 40. PPF has downward slope bc... (and describe why it slopes down) tradeoffs; there are tradeoffs bc resources are scarce, at any moment in time there are a fixed quantity of available resources. in order to produce more of one type of output (good x) you'll need more resources but if all the available resources are being used to produce good x then you'll need to look to the production of good y and reallocate the resources from the production of good y to the production of good x which in turn decreases the resources to produce good y. 41. price ceiling prevents a price from rising above a certain level 42. price elasticity of demand change in quantity demanded of g or s due to change in its price (ceteris paribus) 43. price floor prevents a price from falling below a certain level (helps keep price high and not allow it to fall down to equilibrium) 44. real GDP -inflation- adjusted measure that reflects the value of all g and s produced by an economy in a given year
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45. Real GDP/capita (standard of living) = Real GDP/population 46. scale of production size of plant, # of plants installed, and technique of production adopted by producer 47. short term growth changes in -real gap- from quarter to quarter or year to year 48. sources of economic growth (increase in outputs)? increases in the quantity of resources and increased productivity of resources 49. substitute goods one good that can be used instead of another (loose leaf paper and binders are substitutes for spiral notebooks) 50.
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