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Economics Lecture Fourteen (view source)

Revision as of 01:40, December 21, 2009

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|Comparative Advantage || 2% || nation with lower production costs should do what it does best

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|Oligopoly || 2% || only a few firms, like two gas stations at an intersection far ~~aware~~ from any others; usually one Nash Equilibrium-type exam question

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|Oligopoly || 2% || only a few firms, like two gas stations at an intersection far away from any others; usually one Nash Equilibrium-type exam question

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|Imperfect Competition || 2% || P>MC for this market, which is "allocatively '''in'''efficient" (is not efficient in the allocation of resources); it takes perfect competition to drive P down to MC

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