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MARGINAL PRODUCT: The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product lies at the very foundation of the analysis of short-run production and the subsequent explanation of the law of supply and the upward-sloping supply curve, using the law of diminishing marginal returns.
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Lesson 17: Market Structures | Unit 1: Intro
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Page: 5 of 23
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In this unit, you should have learned about:- An introduction to the notion of market structure, also termed industrial organization, and the four types -- perfect competition, monopoly, monopolistic competition, and oligopoly.
- Why market structures important to study in terms of efficient resource allocation and government regulation of markets.
- A few examples of the four types of market structures.
- The factors the influence the market structure of an industry, including number of competitors, production technology, total market demand, and entry barriers.
- Market control as the ability to influence or control market price and/or quantity.
- That market control is range of control, that depends on the number of competitors on the dominance of selected firms, affects the law of supply and efficiency, and is constrained by the law of demand.
- That competition, which depends on the number of competitors, can take the form of competition among the few and competition among the many.
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KEYNESIAN EQUILIBRIUM The state of macroeconomic equilibrium identified by the Keynesian model when the opposing forces of aggregate expenditures equal aggregate production achieve a balance with no inherent tendency for change. Once achieved, a Keynesian equilibrium persists unless or until it is disrupted by an outside force, especially changes in autonomous expenditures.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a flower arrangement with a lot of roses for your grandmother or a wall poster commemorating the first day of winter. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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FDI
Foreign Direct Investment
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