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SELLERS' EXPECTATIONS: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are resource prices, technology, other prices, and number of sellers. If sellers expect the future price will be greater, then they're likely to sell less today, to take advantage of the higher future price. Alternatively, if sellers expect a lower future price, then they're likely to sell more today, hoping to avoid the lower price. A higher future price induces an decrease in supply and a lower future price induces a increase in supply.
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AVERAGE FACTOR COST CURVE, MONOPSONY A curve that graphically represents the relation between average factor cost incurred by a firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a firm with no market control is horizontal. The average factor cost curve for a firm with market control is positively sloped.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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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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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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JHR
Journal of Human Resources
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