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January 26, 2023 

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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.

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MARKET EQUILIBRIUM: The state of equilibrium that exists when the opposing market forces of demand and supply exactly offset each other and there is no inherent tendency for change. Once achieved, a market equilibrium persists unless or until it is disrupted by an outside force. A market equilibrium is indicated by equilibrium price and equilibrium quantity.

     See also | market | equilibrium | demand | supply | equilibrium price | equilibrium quantity | demand curve | supply curve | law of demand | law of supply | demand space | supply space | market disequilibrium | market adjustment | demand shock | supply shock | market failure | market control |


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MARKET EQUILIBRIUM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: January 26, 2023].


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MARGINAL PROPENSITY TO SAVE

The proportion of each additional dollar of household income that is used for saving. The marginal propensity to save (abbreviated MPS) is another term for the slope of the saving line and is calculated as the change in saving divided by the change in income. The MPS plays a central role in Keynesian economics. It quantifies the saving-income relation, which is the flip side of the consumption-income relation, and thus it reflects the fundamental psychological law. It is also a critical to the multiplier process. A related saving measure is the average propensity to save.

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