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GREAT DEPRESSION: A period of time from 1929 to 1941 in which the economy experienced high rates of unemployment (averaging well over 10%), low production, and limited investment. This period of stagnation prompted radical changes in the way government viewed it's role in the economy and lead to our modern study of macroeconomics.

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Lesson 23: Factor Market Equilibrium | Unit 3: Perfect Competition Page: 12 of 24

Topic: Many Buyers <=PAGE BACK | PAGE NEXT=>

  • The four key characteristics of perfect competition are:

    • Large number of small firms on the buying side.
    • Identical products.
    • Perfect resource mobility.
    • Perfect knowledge.

  • The end result of perfect competition is that each buyer is a price taker.

  • The supply curve facing a firm hiring in a perfect competition factor market is illustrated in this diagram.


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ELASTICITY AND DEMAND SLOPE

The slope of a straight-line demand curve, one with a constant slope, has constantly changing elasticity. It includes all five elasticity alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic. No two points on a straight-line demand curve have the same elasticity.

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GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for letters from the Internal Revenue Service.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

-- William A. Ward

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