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LEGAL FORCES: Forces in the marketing environment that are shaped by government laws affecting business. These are very similar to political forces. Once laws are enacted they are usually very difficult to change. Many companies work hard at lobbying legislatures, Congress, and other elected to pass laws favorable to the company's best interests.

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Lesson 23: Factor Market Equilibrium | Unit 2: Market Control Page: 9 of 24

Topic: Monopsony <=PAGE BACK | PAGE NEXT=>

  • Here's the official monopsony definition:

  • A monopsony is market characterized by a single buyer.
  • Much as a monopoly is the only seller in a market, monopsony is the only buyer.

  • A few highlights about monopsony:

    • One Buyer
    • Inefficient
    • Ideal in the Extreme


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PERFECT COMPETITION, PROFIT ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
"The best way to cheer yourself up is to try to cheer somebody else up."

-- Mark Twain

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