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COLLUSION PRODUCTION ANALYSIS: To avoid competition, oligopolistic firms are occasionally inclined to cooperate through collusion. Collusion occurs when two or more oligopolistic firms jointly agree to control market prices and quantity and to generally act like a monopoly. Colluding firms set a price and produce a quantity that maximizes industry-wide economic profit, the same price and quantity that would be selected by a profit-maximizing monopoly. Once the industry-wide price and production are determined, each individual firm produces the quantity of output that equates the marginal cost of the firm to the marginal revenue for the industry.;collusion, efficiency;monopoly, short-run production analysis;game theory;oligopoly;collusion;explicit collusion;implicit collusion;cartel;market control;oligopoly, behavior
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TOTAL FACTOR COST, PERFECT COMPETITION The opportunity cost incurred by a perfectly competitive firm when using a given factor of production to produce a good or service. This is the total cost associated with the use of a particular resource or factor of production--it is the total cost of the factor. For a perfectly competitive firm, the price paid is constant and total factor cost increases at a constant rate. Total factor cost is predominately used in the analysis of the factor market. Two derivative factor cost measures are average factor cost and marginal factor cost.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, „I used everything you gave me.¾" -- Erma Bombeck, writer
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EGARCH
Exponential Generalized Autoregressive Conditional Heteroskedasticity
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