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SBA: The abbreviation for Small Business Administration, which is an independent federal agency that was started in 1953 to help small business. It provides a variety of assistance, including financial, technical, and managerial help. It helps other agencies in the federal government direct contracts and spending in the direction of proprietorships and small corporations. It also provides low interest loans to small businesses that suffer from natural disasters.
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Lesson 16: Perfect Competition | Unit 1: Price Taker
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Page: 3 of 28
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- Each firm in a perfectly competitive market has no market control and is a price taker.
- A price taker is a firm that takes, or accepts, the going market price and has no ability to control it or to charge a different price.
- Because a perfectly competitive firm is such a small part of the overall market, it has no choice but to sell output at the going market price:
- There is no WAY to sell output ABOVE the going market price.
- There's no REASON to sell output BELOW the going market price.
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PERFECT COMPETITION, LOSS MINIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for telephone calls from former employers.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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NYCE
New York Cotton Exchange
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