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NATURAL UNEMPLOYMENT: The combination of frictional and structural unemployment that persists in an efficient, expanding economy when labor and resource markets are in equilibrium. Natural unemployment exists when the economy is at full employment, which for practical purposes is defined as the condition in which the quantity of resources demanded is equal to the quantity of resources supplied. Most important for policy purposes, natural employment exists with stable prices, that is, no inflation.
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Lesson 17: Market Structures | Unit 2: Four Types
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Page: 10 of 23
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- The definition.
- Oligopoly is a market structure characterized by a small number of relatively large firms, producing either identical products or products with slight differences, with restricted entry and exit, and limitations on information available.
- The key feature of oligopoly is that a small number of firms dominate the industry.
- Consider these particular characteristics and practices of oligopoly firms:
- Concentration
- Entry Barriers
- Interdependence
- Price Rigidity
- Nonprice Competition
- Price Leadership
- Collusion
- Merger
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TAX WEDGE The difference between demand price and supply price that is created when a tax is imposed on a market. Placing a tax on a market disrupts what otherwise would be an equilibrium equality between demand price and supply price. A tax wedge results because the tax is included in the demand price paid by buyers but not in the supply price received by sellers. With standard demand (negative slope) and supply (positive slope) curves, the incidence of the tax (who pays) is divided between buyers and sellers.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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CAF
Cost and Freight
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