|
|
PERFECT COMPETITION AND EFFICIENCY: Perfect competition is the idealized market structure that achieves an efficient allocation of resources. The conditions of perfect competition, including (1) large number of small firms, (2) identical products sold by all firms, (3) freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology, ensure that perfect competition efficiently allocates resources. This is in fact the purpose of perfect competition: a market structure that illustrates perfection, the best of all possible resource allocation worlds. The real world falls short of this perfection.
Visit the GLOSS*arama
|
|

|
|
|
DEMAND-PULL INFLATION Inflation that results from increases in aggregate demand that exceed any increases in aggregate supply. This type of inflation results when the four macroeconomic sectors (household, business, government, and foreign) collectively try to purchase more output than the economy is capable of producing. The alternative type of inflation is cost-push inflation.
Complete Entry | Visit the WEB*pedia |


|
|
BLACK DISMALAPOD [What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for letters from the Internal Revenue Service. Your Complete Scope
This isn't me! What am I?
|
|
|
The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
|
|
|
"How wonderful it is that nobody need wait a single moment before starting to improve the world. " -- Anne Frank, diarist
|
|
JRE Journal of Regulatory Economics
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|