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BANK PANIC: Economy-wide concern over the stability of the banking system prompted by the failure of a few banks, which then contributes to the failure of many more banks, which contributes to the failure of even more banks, in a snowballing effect.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 10 of 24
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Topic:
Imperfect Competition
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- A review of the two remaining market structure options -- monopsonistic competition and oligopsony.
- Monopsonistic competition is a market structure characterized by a large number of small buyers, that purchase similar but not identical inputs, have relative freedom of entry into and exit out of the industry, and extensive knowledge of prices and technology.
- Oligopsony is a market structure dominated by a small number of large buyers controlling the buying-side of a market.
- Both are somewhat obscure and seldom discussed buying counterparts to monopolistic competition and oligopoly sellers.
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PRICE FLOOR A legally established minimum price that is imposed on a market ABOVE the price that otherwise would be achieved in equilibrium. A price floor is placed on a market with the goal of keeping the price high, presumably based on the notion that the equilibrium price is too low. If imposed on a competitive market free of market failures, a price floor creates a surplus, or excess supply.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"A stumble may prevent a fall. " -- Margaret Thatcher, British prime minister
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NFS
Not For Sale
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