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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.
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YELLOW CHIPPEROON
Your compete MICRO*scope for today
You are the type of person who is on a first name basis with every store clerk in a sixty mile radius. Family and friends pack a lunch, and a dinner, when they join you for a trip to the shopping mall. Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for telephone calls from former employers. You should consider shopping at stores or businesses beginning with the letter J, but do not buy any products with a serial number or product code containing the number 309649. Your preferred shopping venue is shopping malls. Your special symbol is the asterisk (*).
Is this You?
As a Yellow Chipperoon, you are happy, happy, happy. You enjoy everything about life and about shopping. You love shopping. You love buying. You love spending. You love to compare products and prices. You love the crowds. You love chatting with the store clerks. You love every bit of the buying process. Nothing dissuades you from having a good time shopping, whether you're buying a box of facial tissues or a new house. Does it get any better than spending an afternoon at the shopping mall? No way!
This isn't me! What am I?
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EXCESS DEMAND A disequilibrium condition in a competitive market in which the quantity demanded is greater than the quantity supplied. Excess demand is another way to say shortage. It also goes by the common term of sellers' market. Excess demand is one of two disequilibrium states of the market. The other is excess supply (or surplus).
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Gambling On A State LOTTERYYou might recall during our discussion of gambling in the entry appropriately titled gambling, that I purchased $5 worth of Super Luck-O Multi-State Lottery tickets at the Master's Sprocket convenience store. Well, the day of the big drawing came and went. I was about as close to winning as the planet Pluto is to buying a Hot Mamma Fudge Bananarama Ice Cream Sundae on a cold winter morning. At least the five dollars I paid for lottery tickets goes to a good cause. The state uses a share of the proceeds for education, and that keeps my taxes lower. If you'll excuse me for a moment, I've got another ten bucks in my pocket screaming for the chance to by some more Super Luck-O Multi-State Lottery tickets. While I'm doing that, why don't you see if this is a wise consumption move on my part.
Tell me more...
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living." -- Nelson Mandela
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BVAR
Bayesian VAR (Vector Autoregression)
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