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July 15, 2018 

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ADVERSE SELECTION: When a negotiation between two people with different amounts of information, that is, asymmetric information, restricts the quality of the good traded. This typically happens because the person with more information is able to negotiate a favorable exchange. This is frequently referred to as the "market for lemons."

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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.

     See also | factor market analysis | perfect competition, factor market analysis | monopsony, factor market analysis | monopoly, factor market analysis | bilateral monopoly | monopsony | monopoly | factor demand | factor supply | marginal revenue product | marginal factor cost | marginal cost | marginal revenue | demand curve | supply curve | profit maximization | efficiency | factor market, efficiency | monopsony, efficiency | monopsony, minimum wage | compensating wage differentials | perfect competition, short-run production analysis |


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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: July 15, 2018].


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AUTONOMOUS NET EXPORTS

Net exports by the foreign sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in net exports. Autonomous net exports are best thought of as net exports that the foreign sector undertakes independent of income. They are measured by the intercept term of the net exports line. The alternative to autonomous net exports is induced net exports, which do depend on income.

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