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DISINFLATION: A decline in the inflation rate. With disinflation, prices are still rising, they're just not rising as fast. Numerically speaking, if the inflation rate was 10% last year, 6% this year, and looks to be 4% next year, then we have disinflation. Disinflation, a reduction in the inflation rate, is not the same as deflation, a decline in the price level. Prices continue to rise with disinflation, just not as fast. Should disinflation continue, presumably because anti-inflationary monetary or fiscal policies are working effectively, then the average price level could decline and we make the transition to deflation.
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Lesson 18: Monopoly | Unit 4: Evaluation
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Page: 25 of 30
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Topic:
Short-Run Supply?
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- A monopoly will not have a short-run supply curve.
- The law of supply states that a direct relation exists between supply price and the quantity supplied, ceteris paribus.
- Perfect competition, by way of contrast, DOES have a short-run supply curve.
- A perfectly competitive firm's short run supply curve is that segment of it's marginal cost curve that lies above the average variable cost curve.
- The reason for this short-run supply curve difference perfect competition and monopoly is market control.
- The price-quantity supply curve relation for perfect competition is based on the law of diminishing marginal returns.
The bottom line is that monopoly does not have a short-run supply curve.
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FIFTH RULE OF IMPERFECTION The fifth of seven basic rules of the economy, stating that the real world is not perfect, especially in terms of achieving an efficient allocation of resources. This rule means that markets often fail to achieve due to market failures, and that governments seldom satisfactorily enact the policies needed to correct market failings. As such, the real world is often faced with the lesser of two evils--imperfect markets or imperfect government.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"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
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TFC
Total Fix Cost
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