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BARRIER TO ENTRY: An institutional, government, technological, or economic restriction on the entry of firms into a market or industry. The four primary barriers to entry are: resource ownership, patents and copyrights, government restrictions, and start-up costs. Barriers to entry are a key reason for market control and the inefficiency that this generates. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.
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PRISONERS' DILEMMA: An application of game theory analysis in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment. The dilemma emerges because both prisoners are faced with the same choice -- confess or not confess -- but the outcome their choice depends on the choice made by the other prisoner. Unfortunately neither prisoner knows the choice of the other. If neither confesses, then they receive no punishment. If both confess, then they receive limited punishment, such as a year in jail. However, if one confesses and the other doesn't, the confessor receives light punishment, such as six months in jail, and the non confessor receives more severe punishment, such as five years in jail. The result is that both prisoners confess. See also | game theory | oligopoly | interdependence | competition among the few | collusion | advertising |
Recommended Citation:PRISONERS' DILEMMA, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: December 11, 2025].
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ASSUMPTIONS, PRODUCTION POSSIBILITIES The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either a tall storage cabinet with five shelves and a secure lock or a birthday greeting card for your grandmother. Be on the lookout for pencil sharpeners with an attitude.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"There comes a time when the mind takes a higher plane of knowledge but can never prove how it got there. " -- Albert Einstein, physicist
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