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UNFAIR COMPETITION: A wide assortment of business practices that are deceptive and dishonest, and usually hamper competition. Examples of unfair competition include false or misleading advertising, price discrimination, bribery, and even industrial espionage. These practices and many, many more are illegal according to antitrust law, specifically the Federal Trade Commission Act (1914).

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Lesson 7: Market | Unit 4: Adjustment Page: 13 of 22

Topic: Self-Correction <=PAGE BACK | PAGE NEXT=>

Markets have a built-in self correction mechanism:
  • If a market is at equilibrium, it remains there.
  • If a market is not at equilibrium, it moves to equilibrium.
  • A market does not need someone (like government) controlling it to ensure that it reaches equilibrium.
Three price alternatives:
  • At equilibrium, nothing changes.
  • Below equilibrium, a shortage.
  • Above equilibrium, a surplus.
  • By creating shortages and surpluses, non-equilibrium prices induce the price to change. These changing prices move the market back to equilibrium.

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MEDIAN VOTER PRINCIPLE

A public choice principle stating that the median voter, the voter with an equal number of votes on either side, determines the outcome of an election by determining which side receives the majority. The preferences of this median vote, thus become the most important preferences addressed by candidates running for election. However, the median voter's preferences might not generate was is best, that is, efficient, for society. Other related voting problems identified by the study of public choice includes the voting paradox, logrolling, and voter apathy (due to rational ignorance and rational abstention).

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for slightly overweight pizza delivery guys.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

ANOVA
Analysis of Variance
A PEDestrian's Guide
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