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DEMAND DECREASE AND SUPPLY INCREASE: A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and an increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. When combined, both shifts result in an indeterminant change in equilibrium quantity and a decrease in equilibrium price.
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PERFECT COMPETITION, REALISM Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for pencil sharpeners with an attitude.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Difficulty is the excuse history never accepts. " -- Edward R. Murrow, News broadcaster
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NEDC
National Economic Development Council
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