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MARKET AREA: In general, a geographic area in which a firm can profitably sell an output or buy an input. The size of a market area is based on the transportation cost of the input or output relative to the price. A higher price or lower transportation cost will increase the market area.
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Lesson 16: Perfect Competition | Unit 1: Price Taker
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Page: 1 of 28
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Topic:
A Perfect Market
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- Perfect competition:
- Perfect competition is a market structure characterized by a large number of relatively small firms, each producing the same product, with freedom of entry and exit, and complete knowledge of prices and technology.
- The definition of market structure:
- A market structure is the configuration of a market or industry, especially in terms of the number of firms in the market and the competitiveness of each firm.
- Perfect competition is THE idealized "benchmark" which is used as a measuring stick to evaluate the efficiency of these other three market structures.
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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock is a smaller level of full-employment real production.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for telephone calls from long-lost relatives.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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MRP
Marginal Revenue Product
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