|
|
BOARD OF GOVERNORS, CHAIRMAN: The head of the Federal Reserve Board of Governors and the Federal Reserve System. This is the guy in charge of monetary policy and is considered to be one of the two or three most powerful people in terms of the national and global economy. The Chairman is one of the seven members of the Board and serves as Chairman for a five-year term. The Fed Chairman also serves as Chairman of the powerful Federal Open Market Committee, the Fed Committee that sets the course of monetary policy.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 16: Perfect Competition | Unit 5: Evaluation
|
Page: 27 of 28
|
- Market control.
- Market control is the ability of a firm to control the price and/or quantity of the good sold.
- Most real world firms are not price takers. They have some degree of market control.
- What does this mean?
- First, because many firms in the real world have some degree of market control, they have the ability to charge a price that is a little more (or a lot more) or a little less (or a lot less) than the going market price.
- Second, real world firms with market control do not have equality between price and marginal revenue.
- Third, the inequality between price and marginal revenue means that profit-maximizing firms that equate marginal revenue and marginal cost do NOT equate price and marginal cost.
- Fourth, perfect competition is most important in evaluating the degree of inefficiency of real world firms.
|
|
|
|
|
|
|
ENTERPRISE An organization that combines scarce resources for the production and supply of goods and services. The term enterprise is generally used synonymously with other terms such as business, firm, and company. If a distinction exists, enterprise can be profit oriented, nonprofit, privately owned, or government controlled. Alternatively, the term enterprise might also be used more in reference to the production activity itself rather than the organization.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for slightly overweight pizza delivery guys.
Your Complete Scope
This isn't me! What am I?
|
|
|
In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
|
|
|
"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
|
|
EEH
Explorations in Economic History
|
|
|
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
|
|
