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ARP: The abbreviation for average revenue product, which is total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input. Average revenue product is most often used in the analysis of the demand for productive inputs.

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Lesson 16: Perfect Competition | Unit 1: Price Taker Page: 1 of 28

Topic: A Perfect Market <=PAGE BACK | PAGE NEXT=>

  • 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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INDIRECT BUSINESS TAXES

The official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross (and net) domestic product (the market value of production). Indirect business taxes (IBT) is generally less than 10 percent of gross domestic product (7 to 8 percent is common).

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

AIBD
Association of International Bond Dealers (now called International Securities Market Association)
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