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 LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.
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 Lesson Contents Unit 1: Intro Factor Market Two Sides Equilibrium Competition Circular Flow Unit 1 Summary Unit 2: Market Control Selling Side Buying Side Monopsony Imperfect Competition Unit 2 Summary Unit 3: Perfect Competition Many Buyers Employment Efficiency Unit 3 Summary Unit 4: Monopsony One Buyer Employment Efficiency Unit 4 Summary Unit 5: Bilateral Monopoly Monopoly Two Sides Four Marginal Curves Employment Unit 5 Summary Course Home
Factor Market Equilibrium

My duties for this lesson are to examine how the two sides of the factor market -- factor demand and factor supply -- come together to form the factor market. Like other markets, we are concerned with equilibrium and competition. The analysis of factor markets has an added bonus. It lets us examine market control from the buying side to balance other analysis of market control from the selling side. The cornerstone phrase capturing this buying-side market control is monopsony.

• The first unit of this lesson, The Foundation, begins by reviewing factor demand and factor supply and seeing how they come together to form the factor market.
• In the second unit, Market Control, we see how market control on the selling side of a factor market gives rise to assorted market structures, like monopsony.
• The third unit, Perfect Competition, then takes a look at equilibrium in factor markets that operate under the guidelines of perfect competition.
• In the fourth unit, Monopsony, we extend the analysis to factor markets with control on the buying side, especially monopsony.
• The fifth and final unit, Bilateral Monopoly, then analyzes factor markets with monopoly control on the selling side to counter monopsony control on the buying side.

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NET DOMESTIC PRODUCT

The total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Net domestic product, usually abbreviated NDP, is one of five key National Income and Product Accounts measures reported regularly (every three months) by the Bureau of Economic Analysis. The other four measures are gross domestic product, national income, personal income, and disposable income. Net domestic product has largely replaced a comparable term, net national production.

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 PDIPersonal Disposable Income
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