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SHORT-RUN SUPPLY CURVE, MONOPOLISTIC COMPETITION: Market control by a monopolistically competitive firm means that it does not have a supply relation between the quantity of output produced and the price. By way of comparison a perfectly competitive firm DOES have a short-run supply curve. The small amount of market control by a monopolistically competitive firm means that its' price is NOT equal to marginal revenue, and thus it does NOT equate marginal cost and price. As such, a monopolistically competitive firm does not move along it's marginal cost curve. A monopolistic competition does not necessarily supply larger quantities at higher prices or smaller quantities at lower prices.
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IMPERFECT COMPETITION Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Believe and act as if it were impossible to fail." -- Charles F. Kettering
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R&D
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