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February 15, 2025 

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PREDATORY PRICING: The process in which a firm with market control reduces prices below average total cost with the goal of forcing competitors into bankruptcy. This practice is most commonly undertaken by oligopoly firms seeking to expand their market shares and gain greater market control. Predatory price has been outlawed by antitrust laws, but it can be difficult to prove, and is thus likely exists more than most people think.

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INTERMEDIATE RANGE: The positively-sloped segment of the Keynesian aggregate supply curve that reflects the trade-off between aggregate output and the price level. Shifts of the aggregate demand curve in this range lead to changes in both aggregate output and the in price level. The intermediate range is consistent with the modern view of a positively sloped short-run aggregate supply curve. The other ranges of the Keynesian aggregate supply curve are the Keynesian range and the classical range.

     See also | Keynesian aggregate supply curve | Keynesian economics | aggregate output | price level | short-run aggregate supply curve | Keynesian range | classical range | gross domestic product |


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INTERMEDIATE RANGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: February 15, 2025].


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AVERAGE FACTOR COST

Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.

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AFC
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