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LIMIT PRICING: The strategic behavior process in which a firm with market control sets its price and output so that there is not enough demand left for another firm to enter the market and earn profits. The firm expands its output causing the price to fall, which discourages potential entrants to this market. This practice is most commonly undertaken by oligopoly firms seeking to expand their market shares and gain greater market control.
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FIRM OBJECTIVES The standard economic assumption underlying the analysis of firms is profit maximization. Real world firms, however, might not, and many times do not, make decisions based on the profit-maximization objective, or at least exclusively on the profit-maximization objective. Other objectives include: (1) sales maximization, (2) pursuit of personal welfare, and (3) pursuit of social welfare.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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EEO
Equal Employment Opportunity
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