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DEMAND DECREASE AND SUPPLY INCREASE: A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an indeterminant change in equilibrium quantity and a decrease in equilibrium price.
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Lesson 17: Market Structures | Unit 1: Intro
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Page: 1 of 23
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- A definition of market structure to get us started:
- Market structure is the configuration of a market or industry, especially in terms of the number of firms in the market and the competitiveness of each firm.
- At times, the term industrial organization is used synonymously with market structure.
- Industrial organization is the manner in which a market or industry is organized or structured, especially in terms of the competitiveness of the firms making up the market or industry.
In particular, market structures are generally organized in one of four manners: - Perfect competition
- Monopoly
- Monopolistic competition
- Oligopoly
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SELF CORRECTION, RECESSIONARY GAP The automatic process in which the aggregate market eliminates a recessionary gap created by a short-run equilibrium that is less than full employment through decreases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close an inflationary gap with higher wages (and other resource prices).
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for rusty deck screws.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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LAN
Locally Asymptotically Normal
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