
HOMOGENEOUS OF DEGREE N: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of n. The value of n can be greater than, less than, or equal to one. This property often surfaces in the analysis of production functions. If n = 1, then a doubling independent variables results in a doubling of the dependent variable and the production function has constant returns to scale. If n > 1, then a doubling independent variables results in more than a doubling of the dependent variable and the production function has increasing returns to scale. If n < 1, then a doubling independent variables results in less than a doubling of the dependent variable and the production function has decreasing returns to scale.
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Lesson 23: Factor Market Equilibrium  Unit 2: Market Control

Page: 9 of 24

 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






AGGREGATE DEMAND DECREASE, SHORTRUN AGGREGATE MARKET A shock to the shortrun aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the shortrun aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than fullemployment real production.
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BLUE PLACIDOLA [What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for slow moving vehicles with darkened windows. Your Complete Scope
This isn't me! What am I?


The word "fiscal" is derived from a Latin word meaning "moneybag."


"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."  Martin Luther King, Jr., clergyman


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