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VALUE ADDED: The increase in the value of a good at each stage of the production process. The value that's being increased is specifically the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. A good that provides greater satisfaction has greater value. In essence, the whole purpose of production is to transform raw materials and natural resources that have relatively little value into goods and services that have greater value.
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Lesson 17: Market Structures | Unit 2: Four Types
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Page: 8 of 23
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- The monopoly definition:
- Monopoly is a market structure characterized by a single firm producing a unique good with no close substitutes, and strict limits on entry and exit.
- The central feature of monopoly is that one firm IS the market, a single firm sells ALL output:
- No Close Substitutes: Monopoly achieves single-firm status because it produces or supplies a good with NO close substitutes.
- Entry Barriers: Monopoly also achieves and maintains single-firm status because other potential competitors are prevented from entering the market.
- Whereas perfect competition is the benchmark for "efficiency," monopoly is the benchmark for "inefficiency."
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AVERAGE VARIABLE COST CURVE A curve that graphically represents the relation between average variable cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average variable cost and the level of output, holding other variables, like technology and resource prices, constant. The average variable cost curve is one of three average curves. The other two are average total cost curve and average fixed cost curve. A related curve is the marginal cost curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for defective microphones.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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TIAC
Thrift Institutions Advisory Council
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