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AD VALOREM TAX: A tax that is specified as a percentage of value. Sales, income, and property taxes are three of the more popular ad valorem taxes devised by government. The total ad valorem tax paid increases with the value of what's being taxed.
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Lesson 19: Monopolistic Competition | Unit 4: Analysis
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Page: 18 of 22
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In this unit, you should have learned about:- Why a monopolistic competition firm is faced with the same three short-run production alternatives as other firms based on a comparison between price, average total cost, and average variable cost
- That market control means a monopolistic competition firm does not have a short-run supply curve like that of perfect competition.
- How market control makes a monopolistic competition firm inefficient, but that the inefficiency is relatively minor.
- That a monopolistic competition firm has excessive capacity in the long run because of it's market control.
- Why advertising is used by monopolistic competition to promote product differentiation and to increase market control
- How advertising is used the shift the demand curve facing and firm and to reduce demand elasticity.
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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M
Imports
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