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REGULATORY POLICY: Government policy based on government's ability to pass laws and enact regulations.
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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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NET-EXPORT EFFECT A change in aggregate expenditures on real production, especially net exports from the foreign sector, that results because a change in the price level alters the relative prices of exports and imports. The net-export effect, also termed the international-substitution effect, is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are real-balance effect and interest-rate effect. The net-export effect is somewhat analogous to the substitution effect underlying the negative slope of the market demand curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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VES
Variable Elasticity of Substitution
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