Google
Wednesday 
March 22, 2023 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
NONPRICE COMPETITION: A method of competition undertaken by firms in the same market (typically oligopoly firms) that involves advertising, brand-name promotion, support services, illegal activities, and everything but the price. Oligopoly firms are quite prone to nonprice competition due to the interdependence, especially such as that illustrated by the kinked-demand curve. Because oligopoly firms find difficulty competing through prices, they seek out alternative methods of competition, such as advertising or sabotage.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 11: Elasticity Basics | Unit 5: Market Elasticity Page: 23 of 25

Topic: Four Measures <=PAGE BACK | PAGE NEXT=>

The four specific elasticity measurements that are most important for our study of the market are:
  • The price elasticity of demand.
    • The percentage change in quantity demanded resulting from a percentage in price.
  • The price elasticity of supply.
    • The percentage change in quantity supplied resulting from a percentage in price.
  • The income elasticity of demand.
    • The percentage change in demand resulting from a percentage in income.
  • The cross elasticity of demand.
    • The percentage change in demand resulting from a percentage in the price of another good

Course Home | Lesson Menu | Page Back | Page Next

RENT SEEKING

The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.

Complete Entry | Visit the WEB*pedia


APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials seeking to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope

This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"Most of the things worth doing in the world had been declared impossible before they were done."

-- Louis D. Brandeis, Supreme Court Justice

TVC
Total Variable Cost
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2023 AmosWEB*LLC
Send comments or questions to: WebMaster