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BUYERS' MARKET: A disequilibrium condition in a competitive market that has a surplus, such that buyers are able to force the price down. Note that a buyers' market does not mean that a lack of competition among demanders have given buyers market control. A buyers' market is a competitive market that simply has a temporary imbalance between the quantity demanded by the buyers and the quantity supplied by the sellers. The buyers' market phrase is commonly used (mainly by real world noneconomist types) to describe a surplus in real estate or housing markets. It's also commonly used when describing assorted financial markets. You might want to examine the opposite of a buyers' market, which is a sellers' market. Additional information on the real estate market can be found in the entry on building cycle.

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Lesson 7: Market | Unit 5: The Method Page: 21 of 22

Topic: Inefficiency <=PAGE BACK | PAGE NEXT=>

Inefficient use of resources can result from:
  • The fourth rule of competition-with less competition buyers or sellers control the price. The quantity is too little and the demand price is greater than the supply price.
  • The seventh rule of complexity-costs or benefits external to the market (externalities) cause differences between the value of goods produced and goods not produced, even though market demand and supply prices are equal.
  • The fifth rule of imperfection-markets are not perfect.
    • Scarcity implies the lack of competition.
    • Complexity implies externalities.
Efficiency is a goal, not a perpetual state of the world.

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AVERAGE REVENUE, MONOPOLISTIC COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.

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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for fairy dust that tastes like salt.
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