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ABSOLUTE ADVANTAGE: The general ability to produced more goods using fewer resources. This idea of absolute advantage is important for trading that occurs between both people and nations. A nation can get an absolute advantage from an advanced level of technology or higher quality resources. For a person, an absolute advantage can result from natural abilities or the acquisition of human capital (education, training, or experience).

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Lesson 17: Market Structures | Unit 4: Using Control Page: 18 of 23

Topic: Demand Curves <=PAGE BACK | PAGE NEXT=>

A few demand curves.
  • Monopoly: Monopoly IS THE market. As such, the demand curve for the output sold by monopoly is THE market demand curve.

  • Perfect Competition: Because a firm in perfect competition has no market control, it MUST take the going market price.

  • Monopolistic Competition: A monopolistic competition firm is a relatively small part of the market, with some market control, but not a lot.

  • Oligopoly: An oligopoly firm is a relatively large part of the market, with a great deal of market control.


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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND

A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping 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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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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