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February 15, 2025 

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AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.

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MONOPOLY PROFIT: Economic profit generated as a result of a firm's market control. It's termed monopoly profit as a reflection of the most prominent market structure with market control--monopoly. However, any market structure with market control, including oligopoly and monopolistic competition, can generate monopoly profit. The existence of monopoly profit is a clear-cut indication that a firm is NOT efficiently allocating resources. While having market control in no way guarantees that a firm will receive monopoly profit, there's no way for a firm to obtain monopoly profit WITHOUT market control. As economic profit, monopoly profit is over and above a normal profit.

     See also | profit | entrepreneurship | monopoly | market control | factor payments | accounting profit | economic profit | normal profit | economic rent | rent seeking | oligopoly | monopolistic competition |


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MONOPOLY PROFIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: February 15, 2025].


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DEMAND AND SUPPLY DECREASE

A simultaneous decrease in the willingness and ability of buyers to purchase a good at the existing price, illustrated by a leftward shift of the demand curve, and a decrease in the willingness and ability of sellers to sell a good at the existing price, illustrated by a leftward shift of the supply curve. When combined, both shifts result in a decrease in equilibrium quantity and an indeterminant change in equilibrium price.

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Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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