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July 11, 2025 

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ARC ELASTICITY: The average elasticity for discrete changes in two variables, A and B. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of the initial and ending values of each variable, rather than only initial values. Arc elasticity is generally calculated using the midpoint formula. Arc elasticity should be compared with point elasticity. For infinitesimally small changes in variables A and B, arc elasticity is the same as point elasticity.

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INTERLOCKING DIRECTORATE: A common practice in the late 1800s and early 1900s in which the same group of people serve on the boards of directors of different companies in the same industry. The use of interlocking directorates was a means of monopolizing a market by giving control over competing firms to the same group of people. The use of interlocking directorates was specifically outlawed by the Clayton Act in 1914.

     See also | Clayton Act | monopoly | exclusive agreement | tying contract | antitrust laws | Sherman Act | price discrimination |


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SUPPLY INCREASE

An increase in the willingness and ability of sellers to sell a good at the existing price, illustrated by a rightward shift of the supply curve. An increase in supply is caused by a change in a supply determinant and results in an increase in equilibrium quantity and a decrease in equilibrium price. A supply increase is one of two supply shocks to the market. The other is a supply decrease.

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Today, you are likely to spend a great deal of time at a crowded estate auction trying to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for crowded shopping malls.
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