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PIGOUVIAN TAX: A tax on an external cost, such as pollution, designed to use market forces to achieve an efficient allocation of resources. A. C. Pigou, one of the first economists to study the market failure of externalities, is credited with developing this tax system for internalizing costs external to the market. An external cost caused by pollution, for example, can be internalized if polluters pay a tax equal to the value of the external cost.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 14 of 25
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Topic:
Market Control Times Four
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- Remember the four market structures with varying degrees of control over the supply-side of the market.
- HOWEVER, the demand side is also subject to varying degrees of control.
- The terminology for these very similar to that for supply-side control.
- Monopsony
- Oligopsony
- Monopsonistic Competition
- Perfect Competition
- Market control on the buying side of factors markets need not be related to the degree of market control on the selling side of product markets.
- However, it's not unusual to find comparable market control in both output and input markets.
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MONOPOLISTIC COMPETITION, CHARACTERISTICS The four key characteristics of monopolistic competition are: (1) large number of small firms, (2) similar but not identical products sold by the firms, (3) relative freedom of entry into and exit out of the industry, and (4) extensive knowledge of prices and technology.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for rusty deck screws.
Your Complete Scope
This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. " -- John F. Dodge, automaker
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SEC
Securities and Exchange Commision
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