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March 5, 2024 

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REALISM OF PERFECT COMPETITION: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to a one or two of the four key characteristics of perfect competition, none matches all four sufficiently that we can declare a perfectly competitively industry. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.

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AVERAGE FACTOR COST CURVE: A curve that graphically represents the relation between average factor cost incurred by a firm for buying or hiring a factor of production and the factor quantity. Because average factor cost is essentially factor price, the average factor cost curve (in most circumstances) is also the factor supply curve facing the firm. This curve is constructed to capture the relation between average factor cost and the factor quantity, holding other variables constant.

     See also | curve | average factor cost | total factor cost | factor price | factor supply curve | marginal factor cost | factor markets | perfect competition | monopsony | market control | average cost |


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AVERAGE FACTOR COST CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 5, 2024].


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MARKET EQUILIBRIUM, GRAPHICAL ANALYSIS

An analysis of market equilibrium using a graph that combines a demand curve and a supply curve. A graphical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a numerical analysis using demand and supply schedules.

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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"All things are difficult before they are easy."

-- Thomas Fuller, Physician

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