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REGULATORY PRICING: Government control over the price charge in a market, especially by a firm with market control. Price regulation is most commonly used for public utilities characterized as natural monopolies. If allowed to maximize profit without restraint, the price charged would exceed marginal cost and production would be inefficient. However, because such firms, as public utilities, produce output that is deemed essential or critical for the public, government steps in to regulate or control the price. The two most common methods of price regulation are marginal-cost pricing and average-cost pricing.

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Lesson 7: Market | Unit 3: A Graph Page: 11 of 22

Topic: The Equilibrium <=PAGE BACK | PAGE NEXT=>

This market graph combines the forces of demand and supply.
  • Equilibrium is achieved as each side of the market seeks a mutually agreeable exchange.
  • The equilibrium price is 50 cents and the equilibrium quantity is 400 tapes. At this 50-price, the quantity demanded is equal to the quantity supplied.
  • At no other price is the quantity demanded and supplied equal.
  • That's equilibrium.

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A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.

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Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for fairy dust that tastes like salt.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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