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ACCOUNTING COST: The actual outlays or expenses incurred in production that shows up a firm's accounting statements or records. Accounting costs, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are primarily interested in economic cost (also called opportunity cost). That fact is that accounting costs and economic costs aren't always the same. An opportunity or economic cost is the value of foregone production. Some economic costs, actually a lot of economic opportunity costs, never show up as accounting costs. Moreover, some accounting costs, while legal, bonified payments by a firm, are not associated with any sort of opportunity cost.
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Lesson 18: Monopoly | Unit 2: Revenue
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Page: 7 of 30
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- Monopoly, as the ONLY seller in a market IS the market.
- The demand for the output produced by a monopoly IS the market demand.
- Monopoly has complete market control:
- Market control is the ability of a firm to control the price and/or quantity of the good sold.
- Having market control means monopoly is a price maker, which is in direct contrast with a price taker.
- A price maker is a seller that possess sufficient market control that it has the ability to affect the price of a good.
- A price taker is a seller without the ability to affect the price.
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EMPIRICAL Based on or relating to the collection or analysis of real world data. The term empirical is commonly used as a modifier to provide contrast with theoretical. Whereas theoretical refers to abstract representations, empirical indicates actual real world observations.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale trying to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for small children selling products door-to-door.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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CRSP
Center for Research in Security Prices
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