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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION: A curve that graphically represents the relation between marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. The marginal revenue curve reflects the degree of market control held by a firm. For a monopolistically competitive firm with some market control, but not a whole lot, the marginal revenue curve is negatively-sloped but relatively elastic.
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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control
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Page: 8 of 24
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- Here's a list of resource market structures that have buying-side market control:
- Perfect competition: This has exactly the same name as the selling-side market structure because perfect competition is really based on large numbers of both buyers and sellers exchanging an identical production.
- Monopsonistic competition: This is the buying-side equivalent of monopolistic competition.
- Oligopsony: is a market structure with a small number of relatively large firms dominating the market for a factor.
- Monopsony: is a market structure with a single firm buying all output.
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RENT SEEKING The inclination of everyone who is alive and breathing to get as much extra income, wealth, profit, or satisfaction as they can. Rent, while technically considered the factor payment for the use of land resources, is also commonly used as a synonym for economic profit, for the acquisition of benefits above opportunity cost. Rent seeking is the entirely rational process of obtain as much "extra" as possible. In effect, rent seeking is nothing more than utility maximization. Efficiency problems can arise, however, when rent seeking is enhanced and enabled through market control, political influence, or actions of special interest groups.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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CAR
Cumulative Average Return
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