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FALLACY OF PERSONAL ATTACK: The logical fallacy of arguing that something is bad because someone "associated" with the thing is ugly, has a funny nose, drives a foreign car, regularly watches daytime soap operas, or wears outdated clothing. This fallacy is rampant in the political arena. While some politicians might have you believe that only good people propose good policies, while bad people have bad policies. The fact of the matter is that good people propose bad policies and bad people propose good policies.
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Lesson 18: Monopoly | Unit 2: Revenue
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Page: 7 of 30
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- Monopoly, as the ONLY seller in a market IS the market.
- The demand for the output produced by a monopoly IS the market demand.
- Monopoly has complete market control:
- Market control is the ability of a firm to control the price and/or quantity of the good sold.
- Having market control means monopoly is a price maker, which is in direct contrast with a price taker.
- A price maker is a seller that possess sufficient market control that it has the ability to affect the price of a good.
- A price taker is a seller without the ability to affect the price.
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PERFECT COMPETITION, SHUTDOWN A perfectly competitive firm is presumed to shutdown production and produce no output in the short run, if price is less than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and loss minimization (if price is greater than average variable cost but less than average total cost).
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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CAPM
Capital Asset Pricing Model
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