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HOMOGENEOUS OF DEGREE ONE: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the same value. In other words, if the independent variables are doubled, then the dependent variable is also doubled. This property often surfaces in the analysis of production functions. A production function homogeneous of degree one is said to have constant returns to scale.
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BILATERAL MONOPOLY, FACTOR MARKET ANALYSIS The analysis of a factor market characterized by monopsony dominating the buying side and monopoly dominating the selling side indicates that the factor price and quantity exchanged depends on the negotiating power of each side. Ironically, the factor price is likely to be closer to the efficient price achieved with perfect competition than that achieved individually by either monopsony or monopoly.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"The truth of the matter is that you always know the right thing to do. The hard part is doing it." -- Norman Schwarzkopf, US Army general
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IRT
International Trade Commission
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