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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.
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Lesson 23: Factor Market Equilibrium | Unit 4: Monopsony
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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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SELLERS' EXPECTATIONS, SUPPLY DETERMINANT The expectations that sellers have concerning the future price of a good, which is assumed constant when a supply curve is constructed. If sellers expect a higher price, then supply decreases. If sellers expect a lower price, then supply increases. Sellers' expectations are one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, other prices, and number of sellers.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either one of those memory foam pillows or a remote controlled train set. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored." -- Earl Nightingale
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LWOP
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