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COMPETITION: In general, the actions of two or more rivals in pursuit of the same objective. In the context of markets, the specific objective is either selling goods to buyers or alternatively buying goods from sellers. Competition tends to come in two varieties -- competition among the few, which is market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control, and competition among the many, which is a market with so many buyers and sellers that none is able to influence the market price or quantity exchanged.
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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for telephone calls from long-lost relatives.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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PWAC
Present Worth of Annual Costs
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