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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 17 of 20

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  • How the market equilibrium can be disrupted by simultaneous shifts in the demand and supply curves.
  • The four possible double shifts in the market: more demand and less supply, more demand and more supply, less demand and less supply, and less demand and more supply.
  • That an increase in demand and an increase in supply results in an increase in quantity and an indeterminant change in price.
  • That an increase in demand and a decrease in supply results in an increase in price and an indeterminant change in quantity.
  • That a decrease in demand and a decrease in supply results in a decrease in quantity and an indeterminant change in price.
  • That a decrease in demand and an increase in supply results in an decrease in price and an indeterminant change in quantity.


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AVERAGE FACTOR COST, MONOPSONY

Total factor cost per unit of factor input employed by a monopsony in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for defective microphones.
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A half gallon milk jug holds about $50 in pennies.
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