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REAL PURCHASING POWER: The ability to acquire wants-and-needs satisfying goods and services with income or money. The real purchasing power of income or money depends on the prices of the goods and services. If the price level, for example, doubles, then a given amount of money can purchase half as many goods and services.

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Lesson 22: Factor Supply | Unit 3: Factor Supply Page: 14 of 25

Topic: Market Control Times Four <=PAGE BACK | PAGE NEXT=>

  • 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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AXIOM

A basic precondition or assumption underlying a theory. Axioms are basic, unverifiable world view assumptions--including personal beliefs, political views, and cultural values--that form the foundation of a theory.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for strangers with large satchels of used undergarments.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. "

-- Ronald Reagan, 40th US president

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