|
|
NORMAL GOOD: A good for which an increase in income causes an increase in demand, or a rightward shift in the demand curve. If demand increases as income increases, it is a normal good or a good with a positive income elasticity of demand. A normal good is one of two alternatives falling within the income determinant of demand. The other is an inferior good.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 17: Market Structures | Unit 4: Using Control
|
Page: 17 of 23
|
|
Topic:
Takers And Makers
|
|
|
- The range of market control underlies the difference between price takers and price makers.
- A price taker is a firm that possesses so little market control that it has no ability to affect the price of the good.
- A price taker must accept, or "take," the going market price.
- A price maker is a firm that possess sufficient market control that it has the ability to affect the price of the good.
- A price maker does accept the going market price, but can "make" its' own price.
- Taking or making price is a matter of degree.
|
|
|
|
|
|
|
ARC ELASTICITY The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope
This isn't me! What am I?
|
|
|
A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
|
|
|
"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
|
|
AIBD
Association of International Bond Dealers (now called International Securities Market Association)
|
|
|
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
|
|
