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MACROECONOMIC SECTORS: The four aggregate sectors of the macroeconomy--household, business, government, and foreign--that reflect four key macroeconomic functions and are responsible for four expenditures on gross domestic product. These four sectors are the primary "actors" on the macroeconomic stage. Macroeconomic theories then explain macroeconomic phenomena by exploring the interaction among these four sectors.

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Lesson 19: Monopolistic Competition | Unit 1: Intro Page: 1 of 22

Topic: Definition <=PAGE BACK | PAGE NEXT=>

  • A definition:

  • Monopolistic competition is a market structure characterized by a large number of relatively small firms, each producing similar but not identical products, with ease of entry and exit, and relatively complete knowledge of prices and technology.
  • Monopolistic competition is one of the more prevalent market structures we have in the economy.


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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

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