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MARGINAL REVENUE CURVE, MONOPOLY: A curve that graphically represents the relation between marginal revenue received by a monopoly for selling its output and the quantity of output sold. The marginal revenue curve reflects the market control held by a monopoly firm. For a monopoly firm with complete market control, the marginal revenue curve is negatively-sloped. Moreover, for a given quantity of output, marginal cost is less than price, and the marginal revenue curve lies below the demand curve.

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Lesson 22: Factor Supply | Unit 2: Resources Page: 11 of 25

Topic: Entrepreneurship: Risk <=PAGE BACK | PAGE NEXT=>

  • Some key features underlying the factor supply of entrepreneurial services.

    • Unknown Quantity: First, because entrepreneurs can move so easily into and out of the ranks of labor, identifying the factor supply of entrepreneurship is not that simple.

    • Risk Preference: Second, that task of organizing production undertaken by entrepreneurship is full of risk.

    • Less to Lose: Third, people are more inclined to undertake the risk of entrepreneurship, when they have less to lose.


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VERTICAL MERGER

The consolidation of two or more separately-owned businesses, that have an input-output relation, into a single firm. This is one of three types of mergers. The other two are horizontal merger--two competing firms in the same industry that sell the same products--and conglomerate merger--two firms in separate, unrelated industries.

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APLS

BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for defective microphones.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Experience keeps a dear school, but fools will learn in no other. "

-- Benjamin Franklin

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General Agreement on Trade in Services
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