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March 31, 2023 

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DISECONOMIES OF SCALE: Increasing long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a positively-sloped long-run average cost curve and typically occurs for relatively large levels of production. Diseconomies of scale overwhelm by economies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.

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Lesson Contents
Unit 1: Intro
  • Factor Market
  • Two Sides
  • Equilibrium
  • Competition
  • Circular Flow
  • Unit 1 Summary
  • Unit 2: Market Control
  • Selling Side
  • Buying Side
  • Monopsony
  • Imperfect Competition
  • Unit 2 Summary
  • Unit 3: Perfect Competition
  • Many Buyers
  • Employment
  • Efficiency
  • Unit 3 Summary
  • Unit 4: Monopsony
  • One Buyer
  • Employment
  • Efficiency
  • Unit 4 Summary
  • Unit 5: Bilateral Monopoly
  • Monopoly
  • Two Sides
  • Four Marginal Curves
  • Employment
  • Unit 5 Summary
  • Course Home
    Factor Market Equilibrium

    My duties for this lesson are to examine how the two sides of the factor market -- factor demand and factor supply -- come together to form the factor market. Like other markets, we are concerned with equilibrium and competition. The analysis of factor markets has an added bonus. It lets us examine market control from the buying side to balance other analysis of market control from the selling side. The cornerstone phrase capturing this buying-side market control is monopsony.

    • The first unit of this lesson, The Foundation, begins by reviewing factor demand and factor supply and seeing how they come together to form the factor market.
    • In the second unit, Market Control, we see how market control on the selling side of a factor market gives rise to assorted market structures, like monopsony.
    • The third unit, Perfect Competition, then takes a look at equilibrium in factor markets that operate under the guidelines of perfect competition.
    • In the fourth unit, Monopsony, we extend the analysis to factor markets with control on the buying side, especially monopsony.
    • The fifth and final unit, Bilateral Monopoly, then analyzes factor markets with monopoly control on the selling side to counter monopsony control on the buying side.

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    SLOPE, SHORT-RUN AGGREGATE SUPPLY CURVE

    The positive slope of the short-run aggregate supply curve, reflecting the direct relation between the price level and real production, results for three primary reasons--inflexible resources, frictional and structural unemployment, and purchasing power imbalances.

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    APLS

    BLACK DISMALAPOD
    [What's This?]

    Today, you are likely to spend a great deal of time strolling through a department store looking to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for letters from the Internal Revenue Service.
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    Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
    "A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough."

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    CDF
    Cumulative Distribution Function
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