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February 25, 2020 

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LAW OF INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This "law" can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates the distinctive convex shape of the curve, making it flat at the top and steep at the bottom.

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PRIVATE GOOD: A good that's easy to keep nonpayers from consuming (called excludability), and use of the good by one person prevents use by others (termed rival consumption). Examples include almost anything that you can buy at a grocery store or shopping mall. The reason for this is that private goods are privately owned and can be sold to others for a price. For efficiency, its best for these goods to be traded through markets without any direct government involvement (unless they have a market failure). See common-property good, near-public good, public good.

     See also | good types | excludability | rival consumption | efficiency | market | exchange | market failure | common-property good | near-public good | public good |


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PRIVATE GOOD, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2020. [Accessed: February 25, 2020].


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IMPERFECT COMPETITION

Markets or industries with two or more sellers and buyers that fail to match the criteria of perfect competition. The most noted examples of imperfect competition are the two market structures with selling-side control--monopolistic competition and oligopoly. Lesser known market structures with buying-side control--monopsonistic competition and oligopsony--are also considered as imperfect competition. Facing no competition, monopoly and monopsony are not included. Most real world markets can be considered imperfect competition.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for slightly overweight pizza delivery guys.
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