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TANSTAAFL: A rather cumbersome and usually hard to remember acronym for the expression "There ain't no such thing as a free lunch. This is a favorite saving of many economists because it highlights, albeit in a grammatically questionable manner, the fundamental problem of scarcity. The phrase serves to emphasize that seemingly "free" lunches are not really free. While they might be free to the customer, someone must pay, that is, incur an opportunity cost of foregone production. The lunch eaten by one person cannot be eaten by another.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 11 of 24
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In this unit, you should have learned about:- A review of market control from the selling side, including the four market structures -- perfect competition, monopolistic competition, oligopoly, and monopoly.
- How markets can also be controlled from the buying side resulting in the four market structures of perfect competition, monopsonistic competition, oligopsony, and monopsony.
- Why market control on the buying side is more important to factor markets.
- Monopsony, which is a market structure with a single buyer.
- Monopsonistic competition, which is a marker structure with a large number of relatively small buyers.
- Oligopsony, which is a marker structure with a small number of relatively large buyers.
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DECISION LAG The time lag that it takes government leaders and policy makers to determine the appropriate government action needed to address an economic problem. The decision lag arises because it takes time for policy makers to chose among the array of possible policy actions, each with assorted consequences that appeal differently to different political constituencies. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Use, do not abuse; neither abstinence nor excess ever renders man happy." -- Voltaire, philosopher
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VAR
Vector Autoregression
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