In What Ways Did Standards of Living Improve After the Famines

question 79

Essay

In what ways did standards of living improve after the famines, plagues, and wars?

Describe the characteristics and consequences of the kinked demand curve in oligopolistic markets.

Recognize the factors that make maintaining a cartel difficult and the incentives for firms to cheat within a cartel.

Analyze the role of economic recessions and other external factors on the stability of cartels and oligopolies.

Explain the legal and economic implications of cartels on international and domestic markets.

---

Definitions:

Fixed Overhead Applied

The portion of the estimated fixed overhead costs charged to production over a specific period based on a predetermined rate.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to products, based on a planned level of activity or volume.

Direct Labor-Hours

The total hours of labor directly involved in manufacturing a product or providing a service.

Adjusted Cost of Goods Sold

The cost of goods sold metric that has been modified for adjustments such as stock variations, returns, or discrepancies.