|
|
TOTAL VARIABLE COST AND TOTAL PRODUCT: Because variable cost is largely associated with the cost of employing a variable input in the short run, it's possible to derive the total variable cost curve from the total product curve. This admittedly simplistic connection between total product and total variable cost is designed to illustrate the fundamental role that the law of diminishing marginal returns plays in the slope and shape of the total variable cost curve. Because he slope of the total variable cost curve, which is also the slope of the total cost curve, is marginal cost, this analysis also indicates how the law of diminishing marginal returns relates to marginal cost.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 18: Monopoly | Unit 2: Revenue
|
Page: 8 of 30
|
- The general rule is that a firm with less market control faces a more elastic demand curve.
- Let's take a look at some alternative demand curves to illustrate this point.
- Market Demand: Note that it has a negative slope, reflecting the law of demand.
- Monopoly Demand: The monopoly demand curve is exactly the same as the market demand curve.
- Perfect Competition Demand: This demand curve is horizontal, or perfectly elastic, at the going market price.
- Monopolistic Competition Demand: This demand curve is relatively flat, but not horizontal. Demand is relatively elastic, but not perfectly elastic.
- Our interest in these demand curves is what it means for the revenue generated by a monopoly.
|
|
|
|
|
|
|
ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating next Thursday or a replacement remote control for your stereo system. Be on the lookout for strangers with large satchels of used undergarments.
Your Complete Scope
This isn't me! What am I?
|
|
|
In the early 1900s around 300 automobile companies operated in the United States.
|
|
|
"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
|
|
DARA
Decreasing Absolute Risk Aversion
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
