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LAW OF INCREASING OPPORTUNITY COST: The proposition that opportunity cost, the value of foregone production, increases as more of a good is produced. This "law" can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates the distinctive convex shape of the curve, making it flat at the top and steep at the bottom.
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Lesson 22: Factor Supply | Unit 3: Factor Supply
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Page: 16 of 25
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Topic:
Supply Curves Times Two
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- Market control on the buying side of factor markets means that firms can face one of two types of supply curves for the factors their employ:
- Perfect Competition:
If we're looking for a buyer with absolutely no market control, then we are looking for perfect competition.
- Monopsony, Oligopsony, and Monopsonistic Competition:
If we're looking for a buyer with market control, then we can choose among monopsony, oligopsony, and monopsonistic competition.
- The relative elasticity of this curve depends, of course, on the market control of the buying firm.
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THIRD RULE OF INEQUALITY The third of seven basic rules of the economy, stating that resources, income, and wealth are not equally distributed. Some people have more resources, income, and wealth and some people have less. Such inequality is due to natural abilities, acquired talents, market control, political power, and sheer luck.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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AVT
Ad Valorem Taxes
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