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REALISM OF PERFECT COMPETITION: Perfect competition is an idealized market structure that does NOT exist in the real world. While some real world industries might come relatively close to a one or two of the four key characteristics of perfect competition, none matches all four sufficiently that we can declare a perfectly competitively industry. Some industries come close on the large number of small firms and the identical product characteristics. A few industries have relatively good, although not perfect, information about prices and technology. However, almost all industries fall far short of the perfect mobility characteristics.
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Lesson 22: Factor Supply | Unit 2: Resources
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Page: 9 of 25
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Topic:
Capital: Financial And Physical
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- Most of the productive capital used in the economy involves ownership and control by the same entity.
- Let's examine this further.
- Ownership: First, capital goods, like all property, wealth, and resources are ultimately owned by people.
- Control: Second, control over the use of capital goods is often by someone other than the owners.
- While the market for capital services might be somewhat exclusive, two related markets are not.
- Physical Capital: At times, the term factor market is erroneously used when referring to a capital goods market.
- Financial Capital: The markets for financial capital are significantly more competitive that the markets for specific capital goods.
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INELASTIC The general relation between two variables in which relatively large changes in one variable (A) cause relatively small changes in another variable (B). In other words, large changes in variable A cause relatively small changes in variable B or the percentage change in variable B is smaller than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Inelastic is one of two general elasticity relations between two variables. The other is elastic.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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NLREG
Nonlinear Statistical Regression
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