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BARRIER TO ENTRY: An institutional, government, technological, or economic restriction on the entry of firms into a market or industry. The four primary barriers to entry are: resource ownership, patents and copyrights, government restrictions, and start-up costs. Barriers to entry are a key reason for market control and the inefficiency that this generates. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.

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Lesson 9: Consumer Demand | Unit 3: Marginal Utility Page: 14 of 22

Topic: Diamond-Water Paradox <=PAGE BACK | PAGE NEXT=>

  • The diamond-water paradox is the perplexing observation that water, which is more useful that diamonds, has a lower price than diamonds. If price is related to utility, it seems that water would have a higher price than diamonds, not lower.

  • This paradox actual serves to illustrate the difference between total utility and marginal utility.
  • The most important implication from the diamond-water paradox is that price is related to marginal utility not total utility.

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RISK

The quantitative probability of different future outcomes occurring. The assignment of probabilities can be subjective (based on a "feeling") or objective (based on historical data). Risk is related to the concept of uncertainty, which is simply not knowing what the future holds. People have three alternative preferences when confronting risk -- risk aversion, risk neutrality, and risk loving. Risk aversion is key to the provision of insurance.

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GRAY SKITTERY
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Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for pencil sharpeners with an attitude.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Good judgment comes from experience, and often experience comes from bad judgment."

-- Rita Mae Brown ‚ Writer

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