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January 24, 2018 

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SHORT-RUN SUPPLY CURVE, MONOPOLY: Market control by a monopoly firm means that it does not have a supply relation between the quantity of output produced and the price. By way of comparison a perfectly competitive firm does have a short-run supply curve. Market control by a monopoly means that it price is NOT equal to marginal revenue, and thus it does NOT equate marginal cost and price. As such, a monopoly firm does not move along it's marginal cost curve. A monopoly does not necessarily supply larger quantities at higher prices or smaller quantities at lower prices.

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CONSTRAINED UTILITY MAXIMIZATION: The process or goal of obtaining the highest possible level of utility, under given restrictions, when the highest overall level of utility cannot be reached. You might want to check out the utility maximization entry. While the generic notion of utility maximization as the unrestricted pursuit of utility is important to the study of economics and consumer demand theory, it's probably less important to every day decisions than the notion of constrained utility maximization. We seldom achieve the maximize utility outright, but must do the best we can under assorted constraints and restrictions. See budget constraint.

     See also | utility | utility maximization | consumer demand theory | budget constraint |


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RESOURCE PRICE, AGGREGATE SUPPLY DETERMINANT

One of three categories of aggregate supply determinants assumed constant when the aggregate supply curve is constructed, and which shifts the aggregate supply curve when it changes. An increase in a resource price causes a decrease (leftward shift) of the short-run aggregate supply curve. A decrease in a resource price causes an increase (rightward shift) of the short-run aggregate supply curve. The other two categories of aggregate supply determinants are resource quantity and resource quality. Specific determinants falling into this general category include wages and energy prices. Anything affecting the prices paid for the use of labor, capital, land, and entrepreneurship is also included.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for broken fingernail clippers.
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More money is spent on gardening than on any other hobby.
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