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NORTH AMERICAN DEVELOPMENT BANK: An international financial institution established and capitalized in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects. The bank's mission is to serve as a binational partner in communities along the U.S.-Mexico border in order to enhance the affordability, financing, long-term development and effective operation of infrastructure that promotes a clean, healthy environment for the citizens of the region. The Bank was created under the auspices of the North American Free Trade Agreement (NAFTA).
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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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AVERAGE FACTOR COST Total factor cost per unit of factor input employed by a firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for malfunctioning pocket calculators.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus." -- Alexander Graham Bell, inventor
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CPI-U
Consumer Price Index-All Urban Consumers
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