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MARKET CONTROL: The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market control depends on the number of competitors. If a market has relatively few buyers, but a bunch of sellers, then the buyers tend to have relatively more market control than sellers. The converse occurs if there are a bunch of buyers, but relatively few sellers. If the market is controlled on the supply side by one seller, we have a monopoly, and if it is controlled on the demand side by one buyer, we have a monopsony. Most markets are subject to some degree of control.
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AGGREGATE SUPPLY INCREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by an increase in aggregate supply, resulting in and illustrated by a rightward shift of the short-run aggregate supply curve. An increase in aggregate supply in the short-run aggregate market results in a decrease in the price level and an increase in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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NYFE
New York Futures Exchange
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