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ZERO SLOPE: A horizontal line in which the numerical value of the slope, calculated as the change in the variable on the vertical axis divided by a change in the variable on the horizontal axis, is zero. In other words, the Y-axis variable is fixed, or constant, for any and all values of the X-axis variable.

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Lesson 23: Factor Market Equilibrium | Unit 4: Monopsony Page: 19 of 24

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In this unit, you should have learned about:
  • How buyers can have market control in factor markets like sellers have market control in output markets.
  • Monopsony control of a factor market by a single buyer in terms of limited substitutes and entry barriers and what this means for the factor supply curve and marginal factor cost.
  • How and why monopsony employs fewer resources and pays a lower wage than perfect competition.
  • Why monopsony is inefficient because it employs fewer resources and pays a lower wage than perfect competition.


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SELF CORRECTION, MARKET

The automatic process in which markets adjust from disequilibrium to equilibrium. With this self-correction process, the market price either increases or decreases in response to a shortage or a surplus to restore the balance between quantity demanded and quantity supplied. This process works automatically to achieve equilibrium without the need for outside intervention, such as government regulation.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for the last item on a shelf.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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