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MARKET-CLEARING PRICE: The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clear price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.

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Lesson 12: Elasticity and Demand | Unit 4: Determinants Page: 19 of 25

Topic: Time Period <=PAGE BACK | PAGE NEXT=>

  • The time period determinant works like this:

    • Demand tends to be relatively inelastic for a good over a shorter time period.

    • Demand tends to be relatively elastic for a good over a longer time period.

  • The longer the time period, the more time that buyers have to identify and switch between available substitutes.

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MARGINAL FACTOR COST, MONOPSONY

The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. 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.

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Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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