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TRANSACTION COSTS: The costs that arise when dealing or trading with others that are beyond the price. These include the costs of negotiating, writing and enforcing contracts. When buying or selling securities for example, transaction costs include brokers' commissions and dealers' spreads.
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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly
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Page: 23 of 24
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- The four curves in this diagram illustrates the boundaries of this negotiation.
- However, we don't have just a monopsony or just a monopoly, we have a bilateral monopoly.
- The ultimate price depends on which side is the better negotiator.
- One of the more intriguing implications of this analysis is for efficiency:
- While neither monopsony nor monopoly are particular efficient, the price negotiated by a bilateral monopoly is bound to be closer to the perfect competition price than the other two separately.
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FOREIGN SECTOR The aggregate macroeconomic sector that contains everyone and everything beyond the political boundaries of the domestic economy--including households, businesses, and governments in other countries. The primary function of the foreign sector is to undertake external activity that is outside the control of the domestic economy. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and government sector.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for pencil sharpeners with an attitude.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"I can't change the direction of the wind, but I can adjust my sails to always reach my destination." -- Jimmy Dean
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G-10
Group of Ten
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