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TECHNICAL EFFICIENCY: Getting the most production from available resources. This term needs to be contrasted with a similar term allocative efficiency. You might want to check out the more general term of efficiency while you're at it. Technical efficiency simple means that you do the best job possible of combining resources to make a good . You don't waste material inputs. You don't have workers standing idly around waiting for spare parts. In essence, you produce a good at the lower possible opportunity cost.

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Lesson 20: Oligopoly | Unit 1: Intro Page: 1 of 24

Topic: Definition <=PAGE BACK | PAGE NEXT=>

  • Lets start with a definition:

  • Oligopoly is a market structure characterized by a small number of relatively large firms, producing either identical products or products with slight differences, with restricted entry and exit, and limitations on information.
  • Most major corporations operate in oligopoly markets.


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PRINCIPAL-AGENT PROBLEM

A disconnection or conflict between the objectives and goals of the principal and those of the agent authorized to represent the principal. The principal-agent problem arises because an agent is given the responsibility and authority to take actions that affect both the principal, but can also affect the agent. This problem is common in corporate management, where the principal is shareholders and the agent is managers. It is also common in government, where the principal is the public and the agent is elected leaders.

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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a pair of designer sunglasses or looseleaf notebook paper. Be on the lookout for gnomes hiding in cypress trees.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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