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NATURAL MONOPOLY: A special type of monopoly that's able to lower its price when it produces and sells a larger quantity. This somewhat remarkable ability results because a natural monopoly uses a great deal of capital. In that capital carries an up front cost that must be paid regardless of production, a natural monopoly can spread these costs over larger quantity--if it produces more. The larger the quantity sold, the lower the cost for each unit. A single natural monopoly is thus able to produce and supply a good at a lower cost, and price, than two or more firms. In other words, if two or more firms try to supply the same good, the market will "naturally" end up with just one.
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INEFFICIENT The state of resource allocation that exists when the highest level of consumer satisfaction is not achieved from available resources. This state occurs in market exchanges if the price buyers are willing and able to pay for a good does not reflect the satisfaction everyone obtains from the consuming the good or if the price sellers need to charge for a good does not reflect all opportunity cost of producing the good.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for malfunctioning pocket calculators.
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The average length of a "business lunch" is about 36 minutes.
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"The only place success comes before work is in the dictionary. " -- Vince Lombardi
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ACCR
Annual Cost of Capital Recovery
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