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PERFECT COMPETITION, FACTOR MARKET ANALYSIS: The analysis of a factor market characterized by perfect competition indicates that each buyer maximizes profit by equating marginal revenue product to the factor price. This achieves an efficient allocation of resources and provides a benchmark for analyzing other factor market structures, including monopsony, monopoly, and bilateral monopoly.
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WHAT? The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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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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"I not only use all the brains that I have, but all that I can borrow. " -- Woodrow Wilson, 28th US president
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SLLN
Strong Law of Large Numbers
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