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INCOME ELASTICITY OF DEMAND: The relative response of a change in demand to a relative change in income. More specifically the income elasticity of demand can be defined as the percentage change in demand due to a percentage change in buyers' income. The income elasticity of demand quantitatively identifies the theoretical relationship between income and demand.
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Lesson 19: Monopolistic Competition | Unit 1: Intro
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Page: 5 of 22
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In this unit, you should have learned about:- Monopolistic competition as a market structure with a large number of relatively small firms that sell similar but slightly different products.
- The four characteristics of monopolistic competition -- large number of small firms, similar but not identical products, relatively good resource mobility, and relatively complete knowledge.
- Why monopolistic competition is consider the imperfect real world's best attempt to achieve perfect competition.
- Monopolistic competition as a mix of perfect competition (the "competition") and monopoly (the "monopolistic").
- The important role that product differentiation plays in monopolistic competition, and how it gives each firm "a little bit of a monopoly."
- How product differentiation can be achieved through physical differences, perceived differences, and support services.
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AVERAGE PROPENSITY TO CONSUME The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for telephone calls from long-lost relatives.
Your Complete Scope
This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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CLT
Central Limit Theorem
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