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PER UNIT TAX: A tax that is specified as a fixed amount for each unit of a good sold. Federal excise taxes on gasoline and cigarettes fall into this per unit tax category.

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Lesson 17: Market Structures | Unit 4: Using Control Page: 18 of 23

Topic: Demand Curves <=PAGE BACK | PAGE NEXT=>

A few demand curves.
  • Monopoly: Monopoly IS THE market. As such, the demand curve for the output sold by monopoly is THE market demand curve.

  • Perfect Competition: Because a firm in perfect competition has no market control, it MUST take the going market price.

  • Monopolistic Competition: A monopolistic competition firm is a relatively small part of the market, with some market control, but not a lot.

  • Oligopoly: An oligopoly firm is a relatively large part of the market, with a great deal of market control.


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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots.
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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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