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PERFECT COMPETITION CHARACTERISTICS: The four key characteristics of perfect competition are: (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. These four characteristics mean that a given perfectly competitive firm is unable to exert any control whatsoever over the market.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"I shall do less whenever I shall believe what I am doing hurts the cause and I shall do more whenever I shall believe doing more will help the cause. I shall try to correct errors when shown to be errors and I shall adopt new views so fast as they shall appear to be true views. " -- Abraham Lincoln, 16th US president
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JEP
Journal of Economic Perspectives
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