Google
Sunday 
June 17, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
BAR CHART: A graph containing a set of vertical or horizontal "bars" that are used to present data for discrete categories. A bar chart provides a useful way to compare information about different groups or categories.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

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.

Course Home | Lesson Menu | Page Back | Page Next

MARGINAL FACTOR COST

The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.

Complete Entry | Visit the WEB*pedia


APLS

ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for cardboard boxes.
Your Complete Scope

This isn't me! What am I?

During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one. "

-- Mark Twain, writer

ATC
Average Total Cost
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster