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HOMOGENEOUS GOOD: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a good can not be identified from the good itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 18 of 25

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  • Price is not the only influence on quantity supplied. These are ceteris paribus factor supply determinants:

  • Factor supply determinants are any influences, other than factor price, assumed constant when a factor supply curve is constructed that shift the factor supply curve when they change.
  • Supply Determinants:

    • Resource Prices
    • Technology
    • Other Prices
    • Expectations
    • Number of Sellers


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KINKED-DEMAND CURVE

A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for a thesaurus filled with typos.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"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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