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DEPENDENT VARIABLE: A variable that is identified within the workings of the model. Also termed an endogenous variable, a dependent variable is in essence the "output" of the model. It should be compared with an exogenous variable this is the "input" of the model.

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Lesson 17: Market Structures | Unit 4: Using Control Page: 17 of 23

Topic: Takers And Makers <=PAGE BACK | PAGE NEXT=>

  • The range of market control underlies the difference between price takers and price makers.

  • A price taker is a firm that possesses so little market control that it has no ability to affect the price of the good.
  • A price taker must accept, or "take," the going market price.

  • A price maker is a firm that possess sufficient market control that it has the ability to affect the price of the good.
  • A price maker does accept the going market price, but can "make" its' own price.

  • Taking or making price is a matter of degree.


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PROGRESSIVE TAX

A tax in which the proportion of income paid in taxes is greater for higher income levels. A progressive income tax exists if taxpayers with more income pay a higher tax rate relative to income as income increases. A progressive tax is one of three alternations. The other two are proportional tax, in which the proportion of income paid in taxes is the same for all income levels, and regressive tax, in which the proportion of income paid in taxes is smaller for higher income levels.

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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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