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REALISM OF MONOPOLY: If taken to the extreme, monopoly, like perfect competition is an ideal market structure that does not actually exist in the real world. In the extreme, a "pure" monopoly is a market containing one and only ONE seller of good, a good with absolutely, positively no substitutes. The product is absolutely, certifiably unique. It's not just that it has no CLOSE substitutes, it has NO substitutes. Period. End of story. In the real world, however, every product, no matter how seemingly unique it might appear, has substitutes. The substitutes might not be very close. They might be really, really bad substitutes. But they are substitutes. As such, there are no pure monopolies in the real world.
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SPOT: The sale of a commodity for immediately delivery on the "spot." Most stuff that consumers purchase are what we could call spot transactions. You give the store some money and go home with your purchase. Much buying and selling in financial markets is also of the spot transaction variety. For example, you give your stock broker $100,000 and "take home" 2,000 shares of Omni Conglomerate, Inc. stock. To appreciate why it's necessary to have a name for these sorts of transactions, you need to examine futures. See also | financial markets | broker | corporate stock | futures | hedging | speculation |
Recommended Citation:SPOT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: October 12, 2026].
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KINKED-DEMAND CURVE A demand curve with two distinct segments which have different elasticities that join to form a corner or kink. The primary use of the kinked-demand curve is to explain price rigidity in oligopoly. The two segments are: (1) a relatively more elastic segment for price increases and (2) a relatively less elastic segment for price decreases. The relative elasticities of these two segments is based on the interdependent decision-making of oligopolistic firms.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Life is not a 'brief candle.' It is a splendid torch that I want to make burn as brightly as possible before handing it on to future generations. " -- Bernard Shaw, journalist
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PO
Pareto Optimal
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