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SHORT-RUN SUPPLY CURVE, MONOPOLISTIC COMPETITION: Market control by a monopolistically competitive firm means that it does not have a supply relation between the quantity of output produced and the price. By way of comparison a perfectly competitive firm DOES have a short-run supply curve. The small amount of market control by a monopolistically competitive firm means that its' price is NOT equal to marginal revenue, and thus it does NOT equate marginal cost and price. As such, a monopolistically competitive firm does not move along it's marginal cost curve. A monopolistic competition does not necessarily supply larger quantities at higher prices or smaller quantities at lower prices.
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"A genius is a talented person who does his homework." -- Thomas Edison
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R&D
Research and Development
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