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MARGINAL REVENUE CURVE: A curve that graphically represents the relation between marginal revenue received by a firm for selling its output and the quantity of output sold. The marginal revenue curve is constructed to capture the relation between marginal revenue and the level of output, holding other variables constant.

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Lesson 7: Market | Unit 1: The Exchange Page: 3 of 22

Topic: Competition <=PAGE BACK | PAGE NEXT=>

Competition (especially our fourth rule of competition) brings out the best among buyers and sellers, that is, efficient use of resources.
  • Competition among sellers forces them to supply the most wanted products at the lowest resource cost.
  • Competition among buyers forces them to spend their limited incomes on the most satisfying goods.
  • Less competition among sellers than among buyers lets the sellers charge higher prices.
  • Less competition among buyers than among sellers lets the buyers pay lower prices.

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INELASTIC

The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for telephone calls from long-lost relatives.
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The average bank teller loses about $250 every year.
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