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PERFECT COMPETITION, REALISM: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to one or two of the four key characteristics of perfect competition, none matches all four sufficiently that they can be declared PERFECTLY competitively. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.
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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 19 of 25
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Topic:
Perfectly Inelastic
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- At the other end of the elasticity continuum is perfectly inelastic:
- Perfectly inelastic is an elasticity alternative in which an infinitely large change in one variable (price) is needed to cause an infinitesimally small change in another variable (quantity).
- Once again, this works for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.
- Perfectly inelastic demand and supply are represented by vertical demand and supply curves.
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AUTONOMOUS EXPORTS Exports to the foreign sector that do not depend on domestic income or production (especially national income or gross domestic product). Exports depend on foreign income or production, but not on domestic income or production. While other expenditures have both autonomous and induced components, exports are exclusively autonomous. Autonomous exports are a key part of the autonomous part of net exports. Induced net exports are due to induced imports.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandfather or a pleather CD case. Be on the lookout for small children selling products door-to-door.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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LAD
Least Absolute Deviations
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