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OLIGOPOLY CHARACTERISTICS: The three most important characteristics of oligopoly are: (1) an industry dominated by a small number of large firms, (2) firms sell either identical or differentiated products, and (3) the industry has significant barriers to entry.

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PROFIT: As a generic term, this is the difference between revenue and cost. There are, however, three specific sorts of profit, each with a different meaning. Accounting profit is the difference between revenue and accounting expenses. Economic profit is the difference between revenue and the opportunity cost of production. Normal profit is the economic profit that could be earned by an entrepreneur in another business and is thus an opportunity cost deducted from revenue when calculating economic profit.

     See also | total revenue | total cost | accounting profit | economic profit | normal profit | opportunity cost | profit maximization | profit curve | entrepreneurship | corporate profits |


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PROFIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 25, 2022].


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FREE-RIDER PROBLEM

A problem underlying the provision of public goods that occurs when a person consumes or benefits from a good without making payment. The free-rider problem is the primary reason that public goods are produced by governments. Because public goods are characterized by the inability to exclude nonpayers, once a public good is produced anyone, everyone, can consume without making payment, that is, get a "free ride." Voluntary payments like those occurring in markets will not provide enough revenue to pay production costs. The only way to finance public goods is to force free-riders, and everyone else, to pay through government taxes. The free-rider problem also applies to common-property goods.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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A half gallon milk jug holds about $50 in pennies.
"It is not fair to ask of others what you are unwilling to do yourself. "

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