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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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Lesson 10: Utility and Demand | Unit 1: The Set Up
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Page: 3 of 21
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- Buying decisions, as well as those involving other activities, involving a comparison of the benefits with the costs.
- The benefits primarily include the satisfaction or utility derived from consuming the good or undertaking the activity.
- The costs include, but are not limited to, the price of the good (plus taxes and handling fees) and the utility foregone from other goods NOT consumed.
- Other non-traditional areas of inquiry have proven fruitful:
- Elections
- Crime
- Household Production
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"What gets measured gets done." -- Peter Drucker, educator
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WACM
Weak Axiom of Cost Minimization
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