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LIMIT PRICING: The strategic behavior process in which a firm with market control sets its price and output so that there is not enough demand left for another firm to enter the market and earn profits. The firm expands its output causing the price to fall, which discourages potential entrants to this market. This practice is most commonly undertaken by oligopoly firms seeking to expand their market shares and gain greater market control.

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Lesson 12: Elasticity and Demand | Unit 1: An Overview Page: 1 of 25

Topic: Elasticity And Demand <=PAGE BACK | PAGE NEXT=>

  • A review:

  • Demand is the willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period.
  • The key demand principle is, of course, the law of demand:

  • The law of demand states that an inverse relation exists between demand price and the quantity demanded, ceteris paribus.
  • The answer to these related questions rests with the notion of elasticity. Let's review elasticity.

  • Elasticity is the relative response of one variable, such as quantity, to changes in another variable, such as price.

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INVOLUNTARY EXCHANGE

The process of unwillingly trading one valuable commodity (good, service, or resource) for another, usually prompted by the coercive powers of government. The key term is "unwillingly," which distinguishes involuntary exchanges from voluntary exchanges, such as those that are the foundation of market transactions.

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Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for deranged pelicans.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

-- Samuel Goldwyn, Film executive

IGARCH
Integrated Generalized Autoregressive Conditional Heteroskedasticity
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