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CAVEAT EMPTOR: A handy little latin term meaning to "let the buyer beware." It's a warning to buyers that sellers will try to extract a high price for low-quality stuff, and a heed that every hardworking consumer of the third estate should take. If you find you've been "taken", note that government has established consumer protection guidelines that businesses are legally compelled to follow. As such, you can seek action through the Federal Trade Commission, Consumer Product Safety Commission, your state attorney general, and in all likelihood your local police department.
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PRICE DISCRIMINATION The act of selling the same good to different buyers for different prices that are not justified by different production costs. This is practiced by suppliers who have achieved some degree of market control, especially monopoly. Common examples of price discrimination are electricity rates, long-distance telephone charges, movie ticket prices, airplane ticket prices, and assorted child or senior citizen discounts. Price discrimination takes the form of one of three degrees: (1) first degree, in which each price is the maximum price that buyers are willing and able to pay, (2) second degree, in which price is based on the quantity sold, and (3) third degree, in which prices are based on an easily identifiable characteristic of the buyer.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Leadership is based on inspiration, not domination; on cooperation, not intimidation. " -- William A. Ward
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OMO
Open Market Operations
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