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SELLERS' MARKET: A disequilibrium condition in a competitive market that has a shortage, such that sellers are able to force the price up. Note that a sellers' market does not mean that the lack of competition among demanders have given sellers market control. A sellers' market is a competitive market that is faced with a temporary imbalance between the quantity supplied by the sellers and the quantity demanded by the buyers.
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PERFECT COMPETITION, FACTOR MARKET ANALYSIS The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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GREEN LOGIGUIN [What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a how-to book on fine dining or a coffee cup commemorating the first day of winter. Be on the lookout for neighborhood pets, especially belligerent parrots. Your Complete Scope
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Good judgment comes from experience, and often experience comes from bad judgment." -- Rita Mae Brown ‚ Writer
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IDA International Development Association
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