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LABOR FORCE: The total number of people willing and able to exert mental and/or physical efforts in productive activities. In principle, this is everyone 16 years of age and over who is willing and able to work. In practice, it includes the sum of anyone over 16 years who is employed or unemployed but actively seeking a job. The labor force is essentially a more technical term for the economy's labor supply.
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Lesson 19: Monopolistic Competition | Unit 1: Intro
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Page: 3 of 22
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- Monopolistic competition is a mix between perfect competition and monopoly.
- Like Perfect Competition: Firms in monopolistic competition are EXTREMELY competitive, practicing competition among the many, with very little market control.
- Like Monopoly: Monopolistic competition exhibits product differentiation. Each firm in monopolistic competition produces a slightly different product. This gives each firm market control and it's own little monopoly.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue 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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The average length of a "business lunch" is about 36 minutes.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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SEBI
Bombay Stock Exchange (India)
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