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OLIGOPOLISTIC BEHAVIOR: Oligopolistic industries are nothing if not diverse. Some sell identical products, others differentiated products. Some have three or four firms of nearly equal size, others have one large dominate firm (a clear industry leader) and a handful of smaller firms (that follow the leader). Whatever products they may sell, and however they may be organized, oligopolistic industries share several behavioral tendencies, including (1) interdependence, (2) rigid prices, (3) nonprice competition, (4) mergers, and (5) collusion. In other words, each oligopolistic firm keeps a close eye on the decisions made by other firms in the industry (interdependence), are reluctant to change prices (rigid prices), but instead try to attract the competitors customers using incentives other than prices (nonprice competition), and when they get tired of competing with their competitors they are inclined to cooperate either legally (mergers) or illegally (collusion).
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UNSTABLE EQUILIBRIUM Equilibrium that is not restored if disrupted by an external force. Few economic models have an equilibrium that is unstable, reflecting the observation that the real world adapts to changes and maintains a fair degree of stability. However, there are situations where an unstable equilibrium more accurately reflects economic phenomena. The alternative to an unstable equilibrium is a stable equilibrium.
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Conserving Our NATURAL RESOURCESMona Mallard Duct Tape Industries, the world's a leading producer of duct tape (that all-purpose, omni-present, shiny gray tape), is located right here in Shady Valley. Perhaps you've heard that they recently developed a new-fangled form of duct tape that's certain to revolutionize duct tape as we know it. This revolutionary development has, however, created a "situation" that we, pedestrian explorers of the economy, should consider. Mona Mallard's new duct tape uses "quagliminium," a relatively limited mineral found only in the quaint and courteous Republic of Northwest Queoldiola. Prior to this duct tape development, quagliminium had only one use, as lubricant for OmniStraight shoestring straighteners. The Northwest Queoldiolan supplies were sufficient to lubricate shoestring straighteners well into the year 3000. As a duct tape input, though, quagliminium deposits will be exhausted in a scant 50 years. Should we, could we, allow Mona Mallard to exhaust the supply of quagliminium? If they do, how will future generations lubricate their shoestring straighteners? Should we call for a moratorium on quagliminium use?
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials seeking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for gnomes hiding in cypress trees.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude. " -- Colin Powell, general
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