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PRICE DISCRIMINATION: Charging different prices to different buyers for the same good. This is an age old practice for suppliers who have achieved some degree of market control, especially those with a monopoly. The reason for price discrimination, of course, is higher profit. To be a successful price discriminator you must be able to do three things--(1) have market control and be a price maker, (2) identify two or more groups that are willing to pay different prices, and (3) keep the buyers in one group from reselling the good to another group. In this way, you will be able to charge each group what they, and they alone, are willing to pay.

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Lesson 14: Aggregate Supply | Unit 2: Two Options Page: 5 of 20

Topic: Long Run <=PAGE BACK | PAGE NEXT=>

In the long run all prices are flexible, which ensures that all markets are in equilibrium.
  • Prices rise to eliminate market shortages and fall to eliminate market surpluses, resulting in equilibrium.
  • Equilibrium in the labor market is particularly important:
    • In the long run, the labor market is characterized by both flexible prices and full employment.
    • The economy is operating on the boundary of the production possibilities curve.
  • The time it takes prices to adjust to correct market disequilibrium and get to the long run is critical to the study of macroeconomics and government policies.

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SCARCITY

A pervasive condition of human existence that results because society has unlimited wants and needs, but limited resources used for their satisfaction. This fundamental condition is the common thread that binds all of the topics studied in economics.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for door-to-door salesmen.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

-- George Lucas

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