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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 14 of 25
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Topic:
Market Control Times Four
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- Remember the four market structures with varying degrees of control over the supply-side of the market.
- HOWEVER, the demand side is also subject to varying degrees of control.
- The terminology for these very similar to that for supply-side control.
- Monopsony
- Oligopsony
- Monopsonistic Competition
- Perfect Competition
- Market control on the buying side of factors markets need not be related to the degree of market control on the selling side of product markets.
- However, it's not unusual to find comparable market control in both output and input markets.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a flea market trying to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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ICCH
International Commodities Clearing House
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