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WHOLESALE PRICE INDEX: An index of the prices paid by retail stores for the products they would ultimately resell to consumers. The Wholesale Price Index, abbreviated WPI, was the forerunner of the modern Producer Price Index (PPI). The WPI was first published in 1902, and was one of the more important economic indicators available to policy makers until it was replaced by the PPI in 1978. The change to Producer Price Index in 1978 reflected, as much as a name change, a change in focus of this index away from the limited wholesaler-to-retailer transaction to encompass all stages of production. While the WPI is no longer available, the family of producer price indexes provides a close counterpart in the Finished Goods Price Index.
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Lesson 18: Monopoly | Unit 2: Revenue
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Page: 14 of 30
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In this unit, you should have learned about:- How market control makes monopoly a price maker.
- How demand constrains the market control, meaning a monopoly can select either the price of the quantity, but not both.
- Why the demand curve facing monopoly is negatively sloped because monopoly is the market.
- How the monopoly demand curve compares with demand curves facing perfect competition and monopolistic competition.
- That the profit-maximizing decision of monopoly depends on total revenue, average revenue, and marginal revenue, just like perfect competition.
- Why the negatively-sloped demand curve means marginal revenue is less than average revenue for monopoly.
- How the total revenue, average revenue, and marginal revenue curves are related and how they reflect the negatively-sloped demand curve.
- The relation between price elasticity of demand and the positive or negative value of marginal revenue.
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PERSONAL TAXES The common term for the portion of personal income used to pay personal tax and nontax payments. Personal tax and nontax payments is the official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15 percent of personal income and about 13 percent of gross domestic product.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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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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WPI
Wholesale Price Index
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