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FEDERAL DEPOSIT INSURANCE CORPORATION: A program established by Congress in 1933, during the worst of the Great Depression, to insure the deposits of failed banks. Abbreviated FDIC, it operates operates much like any private insurance company. It collects insurance premiums from its customers--the banks--in return for the assurance that it will stand behind, or be ready to pay off, any deposits that the banks can't.
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FACTOR MARKET, EFFICIENCY: A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price. See also | factor market analysis | perfect competition, factor market analysis | monopsony, factor market analysis | monopoly, factor market analysis | bilateral monopoly, factor market analysis | monopsony, efficiency | factors of production | factor demand | factor supply | production | factor payments | market structures | marginal revenue product | marginal factor cost | efficiency | perfect competition | monopsony | oligopsony | monopsonistic competition | market structures | market control | monopsony, minimum wage | marginal productivity theory | compensating wage differentials | marginal revenue product and factor demand |
Recommended Citation:FACTOR MARKET, EFFICIENCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: factor market, efficiency
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MARGINAL REVENUE, MONOPOLISTIC COMPETITION The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopolistically competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopolistically competitive firm equates marginal revenue and marginal cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for letters from the Internal Revenue Service.
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The average length of a "business lunch" is about 36 minutes.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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SLTX
Sales Tax
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