Google
Tuesday 
May 28, 2024 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 23: Factor Market Equilibrium | Unit 4: Monopsony Page: 16 of 24

Topic: One Buyer <=PAGE BACK | PAGE NEXT=>

  • A definition of monopsony:

  • Monopsony is a market structure characterized by a single buyer.
  • The key characteristics of monopsony are:

    • Only Buyer
    • Entry Barriers
    • Limited Substitutes

  • These characteristics of monopsony lead to two important features:

    • Supply Curve
    • Marginal Factor Cost

  • The positively-sloped factor supply curve facing the firm and the corresponding marginal factor cost curve are illustrated in this diagram.


Course Home | Lesson Menu | Page Back | Page Next

PRICE STABILITY

The condition in which the average price level in the economy changes very slowly, if at all. This is a key part of the macroeconomic goal of stability. Price stability is commonly indicated by the inflation rate, calculated as percentage change in either the Consumer Price Index (CPI) or the GDP price deflator. Price stability is generally achieved by the ABSENCE of large or rapid increases or decreases in the price level.

Complete Entry | Visit the WEB*pedia


APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
Your Complete Scope

This isn't me! What am I?

The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"The man who does not read good books has no advantage over the man who cannot read them. "

-- Mark Twain

FOT
Free on Truck
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2024 AmosWEB*LLC
Send comments or questions to: WebMaster