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January 17, 2018 

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COMPETITION AMONG THE FEW: A market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control. Many think of this type of competition when the term competition arises (the other type is competition among the many). This sort of competition leads to intense rivalry where each participant achieves their objective only by beating the others. I call this track-meet competition. In a track race among a handful of competitors, like a 100 meter sprint, the winner is the fastest of THIS GROUP.

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SECOND ESTATE: In past centuries, this included kings, queens, dukes and others of the ruling elite. In modern times, this includes business leaders who have extensive ownership of and control over resources, especially capital, entrepreneurship, and land.

     See also | business | firm | private sector | business sector | entrepreneurship | blue chip | Fortune 500 | big business | ownership and control | resources | first estate | third estate | fourth estate | government functions | market failure | consumers | market control |


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SECOND ESTATE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 17, 2018].


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AVERAGE REVENUE AND MARGINAL REVENUE

A mathematical connection between average revenue and marginal revenue stating that the change in the average revenue depends on a comparison between average revenue and marginal revenue. For perfect competition, with no market control, marginal revenue is equal to average revenue, and average revenue does not change. For monopoly and other firms with market control, marginal revenue is less than average revenue, and average revenue falls.

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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Woodrow Wilson's portrait adorned the $100,000 bill that was removed from circulation in 1929. Woodrow Wilson was removed from circulation in 1924.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

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