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SPATIAL DIFFERENTIATION: The notion that economic activity is not evenly dispersed across the land. That is, goods, services, resources, production, and consumption are more concentrated at some locations and less concentrated at other locations due to natural endowments and human activity. The result is that no two location points have exactly the same access to inputs or outputs. This is a fundamental principle underlying the study of urban and regional economics and implies that firms and households must include transportation cost and location in production and consumption decisions.
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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 10 of 22
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In this unit, you should have learned about:- The three measures of that capture the revenue-side of monopolistic competition -- total revenue, average revenue, and marginal revenue.
- How the limited market control in monopolistic competition is indicated by a negatively-sloped, but relatively elastic demand (or average revenue) curve.
- That the marginal revenue curve lies beneath the demand (or average revenue) curve, meaning price is greater than marginal revenue.
- The three measures of that capture the cost-side of monopolistic competition -- total cost, average total cost, and marginal cost.
- That the two U-shaped cost curves -- average total cost and marginal cost -- reflect the law of diminishing marginal returns.
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SCARCE A condition in which a given good or resource is limited relative to its desired uses. This is a special condition of the general condition of scarcity. A scarce good or resource is typically exchanged through markets and carries a positive price.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for infected paper cuts.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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