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PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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SEVENTH RULE OF COMPLEXITY The seventh of seven basic rules of the economy, stating that every action in the complex world has direct and often intended consequences combined with indirect and probably unintended effects.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time at a crowded estate auction looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for strangers with large satchels of used undergarments.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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FILO
First In Last Out
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