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ZERO SLOPE: A horizontal line in which the numerical value of the slope, calculated as the change in the variable on the vertical axis divided by a change in the variable on the horizontal axis, is zero. In other words, the Y-axis variable is fixed, or constant, for any and all values of the X-axis variable.
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Lesson 18: Monopoly | Unit 5: Regulation
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Page: 30 of 30
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In this unit, you should have learned about:- Why monopoly does not efficiently allocate resources, because it charges a higher price and produces less output than perfect competition.
- That market control by a monopoly is one type of market failure that leads to inefficiency.
- How antitrust laws, which outlaw monopoly and monopoly generated inefficiencies, are used by government to address the market failure of monopoly.
- The three primary antitrust laws -- Sherman Act, Clayton Act, and Federal Trade Commission Act.
- How regulatory pricing, including marginal-cost price and average-cost pricing, is used by government seeks to address the market failure of monopoly.
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TAX EFFICIENCY Taxes, mandatory payments used to finance government operations, inherently disrupt the allocation of resources. This disruption might be good, correcting an otherwise inefficient allocation caused by pollution or market control. However, for an already efficiency allocation, a tax creates and inefficient wedge between the demand price and the supply price. This tax is generally paid partially by buyers and partially by sellers, which the tax incidence. Inefficiency arises because a tax reduces the total amount of consumer surplus and producer surplus, which is deadweight loss.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a lazy Susan for you dining room table or a set of serrated steak knives, with durable plastic handles. Be on the lookout for rusty deck screws.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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CAP
Common Agricultural Policy
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