|
|
PRICE FIXING: An agreement by two or more firms in an industry to charge the same price and avoid competing with each other. This is one of the methods businesses use to practice collusion or form a cartel. It is, by the way, against antitrust law.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 14: Production | Unit 4: Long-Run Production
|
Page: 21 of 25
|
|
Topic:
Constant Returns To Scale
|
|
|
- Constant returns to scale:
- Constant returns to scale result when a given proportional increase in all inputs results in a proportional increase in production.
- The scale of production in which increasing returns to scale are balanced by decreasing returns to scale is termed the minimum efficient scale.
- It is the production scale in which a firm is taking greatest advantage of increasing returns without overly suffering from decreasing returns.
|
|
|
|
|
|
|
PERFECTLY ELASTIC An elasticity alternative in which infinitesimally small changes in one variable (usually price) cause infinitely large changes in another variable (usually quantity). Quantity is infinitely responsive to price. Any change in price, no matter how small, triggers an infinite change in quantity. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Perfectly elastic is one of five elasticity alternatives. The other four are perfectly inelastic, relatively elastic, relatively inelastic, and unit elastic.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
|
|
|
Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
|
|
|
"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
|
|
IIPF
International Institute of Public Finance
|
|
|
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
|
|
