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MARKET POWER: The ability of buyers or sellers to exert influence over the price or quantity of a good, service, or commodity exchanged in a market. Market power largely depends on the number of competitors on each side of the market. If a market has relatively few buyers, but many sellers, then limited competition on the demand-side of the market means buyers tend to have relatively more market power than sellers. The converse occurs if there are many buyers, but relatively few sellers. This is also termed market control.
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"There's only one way to succeed in anything, and that is to give everything. " -- Vince Lombardi
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PPT
Personal Property Tax
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