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PERFECT PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed first-degree price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.

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Lesson 22: Factor Supply | Unit 4: Determinants Page: 19 of 25

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

  • An important concept to consider: mobility.

  • Mobility is the ease with which resources or factors of production can move from one productive activity to another.
  • Some factors are highly mobile and thus are easily switched. Other factors are highly immobile and not easily switched.

  • Mobility generally takes one of two forms:

    • Geographical mobility
    • Occupational mobility

  • Factor mobility is most important to the price elasticity of factor supply.

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ADVERSE SELECTION

An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for pencil sharpeners with an attitude.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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