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LABOR SLOWDOWN: A technique used by workers, generally labor union members, who reduce their productivity in an attempt to achieve a particular goal or objective. The goal pursued tends to be relatively minor, such as better lighting, and thus not worth engaging in a formal strike.

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Lesson 19: Monopolistic Competition | Unit 5: Evaluation Page: 19 of 22

Topic: The Bad: Inefficient <=PAGE BACK | PAGE NEXT=>

  • Two primary problems with monopolistic competition.

    • Inefficient Allocation: A monopolistic competition firm produces less output and charges a higher price than a perfect competition firm.

    • Excess Capacity: In the long run, the entry and exit of firms and market control forces each monopolistic competition firm to produce at a production level less than the minimum efficient scale.

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for broken fingernail clippers.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

-- William A. Ward

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