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ABSOLUTE POVERTY: The amount of income a person or family needs to purchase an absolute amount of the basic necessities of life. These basic necessities are identified in terms of calories of food, BTUs of energy, square feet of living space, etc. The problem with the absolute poverty level is that there really are no absolutes when in comes to consuming goods. You can consume a given poverty level of calories eating relatively expensive steak, relatively inexpensive pasta, or garbage from a restaurant dumpster. The income needed to acquire each of these calorie "minimums" vary greatly. That's why some prefer relative poverty.
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Lesson 17: Market Structures | Unit 2: Four Types
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Page: 12 of 23
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In this unit, you should have learned about:- The market structure continuum with varying degrees of market control, with perfect competition at one end, monopoly at the other, and monopolistic competition and oligopoly in the middle.
- Perfect competition as market structure used as the benchmark for efficiency when evaluating the other three market structures.
- Monopoly as a market structure with a single firm, that is most commonly found in the provision of public utility services.
- Monopolistic competition as the real world's best attempt at perfect competition, with the large number or small firms producing slightly different products.
- Oligopoly as the market structure dominated by a small number of large firms, that compete in ways that prompt close government scrutiny.
- Three market structures that are based market control of the buying side -- monopsony, monopsonistic competition, and oligopsony.
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TOTAL FACTOR COST CURVE A curve that graphically represents the relation between total factor cost incurred by a firm when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve. Two related factor cost curves are average factor cost curve and marginal factor cost curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a birthday greeting card for your uncle or a T-shirt commemorating the 2000 Presidential election. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
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MPP
Marginal Physical Product
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