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FIRST-DEGREE PRICE DISCRIMINATION: A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed perfect price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.
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ASYMMETRIC INFORMATION Information is not equally available to everyone. Asymmetric information results because efficient information search inevitably stops short of compete information. Some people obtain more benefits from information than others, are willing to incur higher search costs, and thus end up knowing more. Or they incur lower information search costs and have easier access to the information. In a market, sellers tend to have more information about the good than buyers. Asymmetric information gives rise to adverse selection, moral hazard, and the principal-agent problem. These problems can be lessened through signalling and screening.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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Lombard Street is London's equivalent of New York's Wall Street.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him. " -- David Brinkley, newsman
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MPC
Marginal Propensity to Consume
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