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POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called government or economic policies. The four common types of policies are: fiscal, monetary, regulatory, and judicial.
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BILATERAL MONOPOLY A market containing a single buyer and a single seller, or the combination of a monopoly market and a monopsony market. A market dominated by a profit-maximizing monopoly tends to charge a higher price. A market dominated by a profit-maximizing monopsony tends to pay a lower price. When combined into a bilateral monopoly, the buyer and seller both cannot maximize profit simultaneously and are forced to negotiate a price and quantity. Then resulting price could be anywhere between the higher monopoly price and the lower monopsony price. Where the price ends ups depends on the relative negotiating power of each side.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Few things can help an individual more than to place responsibility on him, and to let him know that you trust him. " -- Booker T. Washington, educator
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VES
Variable Elasticity of Substitution
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