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BARRIER TO ENTRY: An institutional, government, technological, or economic restriction on the entry of firms into a market or industry. The four primary barriers to entry are: resource ownership, patents and copyrights, government restrictions, and start-up costs. Barriers to entry are a key reason for market control and the inefficiency that this generates. In particular, monopoly, oligopoly, monopsony, and oligopsony often owe their market control to assorted barriers to entry. By way of contrast, perfect competition, monopolistic competition, and monopsonistic competition have few if any barriers to entry and thus little or no market control.
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TOTAL FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Old minds are like old horses; you must exercise them if you wish to keep them in working order. " -- John Adams, 2nd US president
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PVR
Profit Volume Ratio
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