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PREFERENCES CHANGE, UTILITY ANALYSIS: A disruption of consumer equilibrium identified with utility analysis caused by changes in the preferences for a good, which likely results in a change in the quantities of the goods consumed. The change in preferences alters the marginal utility-price ratio and forces a reevaluation of the rule of consumer equilibrium.
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PERFECT COMPETITION An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that is not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages wanting to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Believe one who has tried it. " -- Virgil, Roman poet
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TGE
Tokyo Grain Exchange (Japan)
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