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TIME PERIOD: One of three elasticity determinants (budget proportion and substitute availability are the other two) stating that the elasticity of a good tends to be greater for a longer time period of analysis. In other words, the price elasticity of demand for gasoline is greater when the time period is one year than when it is one month. This elasticity determinant works for both the price elasticity of demand and the price elasticity of supply. In both cases, longer time periods allow consumers and produces more time to adjust to any price changes.

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Lesson 17: Market Structures | Unit 1: Intro Page: 3 of 23

Topic: Market Control <=PAGE BACK | PAGE NEXT=>

  • A definition of market control:

  • Market control is the ability of a firm to control the price and/or quantity of the good sold.
  • Market control by a firm depends on the number of competitors in the market:
    • More competitors mean less market control for each firm.

    • Fewer competitors mean greater market control for each firm


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CETERIS PARIBUS

A Latin term meaning that other factors remain unchanged. Ceteris paribus is commonly used as an assumption when conducting a wide variety of economic analyses. By holding everything else constant, the ceteris paribus assumption makes it possible to identify the cause-and-effect relation between two factors. Relaxing the ceteris paribus assumption is the primary analytical technique used in the comparative statics study of economics.

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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for strangers with large satchels of used undergarments.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
"Good judgment comes from experience, and often experience comes from bad judgment."

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