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Suppose you value a special watch at $100. You purchase it for $75. On your way home from class one day, you lose the watch. The store is still selling the same watch, but the price has risen to $85. Assume that losing the watch has not altered how you value it. What should you do?
Competitive Equilibrium
A market state where supply equals demand, and no economic forces are compelling either price or quantity to change.
Oligopolistic
Referring to a market structure characterized by a small number of firms that have significant control over prices and market share.
Market
Collection of buyers and sellers that, through their actual or potential interactions, determine the price of a product or set of products.
Lerner Index
An economic measure of a firm's market power, calculated as the difference between price and marginal cost relative to price.
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