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FALLACY OF DIVISION: The logical fallacy of arguing that what is true for the whole is also true for the parts. In the study of economics, this takes the form of assuming that what works for the aggregate, or macroeconomy, also works for parts of the economy, such as households or businesses. The contrasting fallacy that you should check out is the fallacy of composition.
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FACTOR MARKET, EFFICIENCY A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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"Security can only be achieved through constant change, through discarding old ideas that have outlived their usefulness and adapting others to current facts. " -- William O. Douglas, Supreme Court Justice
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HSI
Hang Seng Index (Hong Kong)
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