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OLIGOPOLY, REALISM: Real world markets are heavily populated by oligopoly. About half of all output produced in the U.S. economy each year is done so by oligopoly firms. Other industrialized nations can make a similar claim. Oligopoly markets arise in a wide assortment different industries, ranging from manufacturing to retail trade to resource extraction to financial services.
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DEADWEIGHT LOSS The decrease in the sum of consumer surplus and producer surplus that results from the imposition of a tax. When a tax drives a wedge between demand price and supply price it disrupts what otherwise would be an efficient market equilibrium. Inefficiency arises because while a portion of the sum of consumer and producer surplus is merely transferred to government, a portion of this sum also disappears. The part that disappears is the deadweight loss and is an indicator of the inefficiency of the tax.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for door-to-door salesmen.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The time your game is most vulnerable is when you're ahead; never let up. " -- Rod Laver, Tennis player
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