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LEGAL FORCES: Forces in the marketing environment that are shaped by government laws affecting business. These are very similar to political forces. Once laws are enacted they are usually very difficult to change. Many companies work hard at lobbying legislatures, Congress, and other elected to pass laws favorable to the company's best interests.
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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 6 of 22
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Topic:
The Revenue Numbers
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- This table presents the total revenue (TR), average revenue (AR), and marginal revenue (MR) received by a given monopolistic firm.
- A few points of interest about these numbers.
- Prices fall into a very narrow range, from $4.75 to $5.25. This narrow range is an indication of monopolistic competition.
- Total revenue increases and marginal revenue remains positive with greater levels of production. This indicates that demand facing this firm is elastic.
- In fact, should you calculate the price elasticity of demand, you'll see that demand is relatively elastic, which is another indication of monopolistic competition.
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OCCUPATIONAL MOBILITY The mobility, or movement, of factors of production from one type of productive activity to another type of productive activity. In particular, occupational mobility is the ease with which resources can change occupations. This is one of two types of mobility. The other is geographic mobility.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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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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MCP
Marginal Cost Pricing
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