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HORIZONTAL MERGER: The consolidation under a single ownership of two separately-owned businesses in the same industry. An example of a horizontal merger would be two soft drink companies merging to form a single firm. A horizontal merger should be contrasted with vertical merger--two firms in different stages of the production of one good, such that the output of one business is the input of the other; and conglomerate merger--two firms in totally, completely separate industries.

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Lesson 14: Production | Unit 4: Long-Run Production Page: 21 of 25

Topic: Constant Returns To Scale <=PAGE BACK | PAGE NEXT=>

  • Constant returns to scale:

  • Constant returns to scale result when a given proportional increase in all inputs results in a proportional increase in production.
  • The scale of production in which increasing returns to scale are balanced by decreasing returns to scale is termed the minimum efficient scale.

  • It is the production scale in which a firm is taking greatest advantage of increasing returns without overly suffering from decreasing returns.

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AUCTION

A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for a thesaurus filled with typos.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"Success doesn't come to you . . . you go to it "

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