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May 26, 2024 

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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.

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MONOPOLISTIC COMPETITION AND DEMAND: The demand curve for the output produced by a monopolistically competitive firm is relatively elastic. The firm can sell a wide range of output within a relatively narrow range of prices. Demand is relatively elastic in monopolistic competition because each firm faces competition from a large number of very, very close substitutes. However, demand is not perfectly elastic (as in perfect competition) because the output of each firm is slightly different from that of other firms. Monopolistically competitive goods are close substitutes, but not perfect substitutes.

     See also | monopolistic competition | demand | demand curve | law of demand | perfect competition | price maker | price taker | market control | monopoly and demand |


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MONOPOLISTIC COMPETITION AND DEMAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 26, 2024].


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SIXTH RULE OF IGNORANCE

The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.

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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"He who has a „why¾ to live can bear with almost any „how.""

-- Friedrich Nietzsche, Philosopher

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