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OLIGOPOLY: A market structure dominated by a small number of large firms, selling either identical or differentiated products, and significant barriers to entry into the industry. This is one of four basic market structures. The other three are perfect competition, monopoly, and monopolistic competition.

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AVERAGE FACTOR COST

Total factor cost per unit of factor input employed by a 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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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a garage sale hoping to buy either an AC adapter for your CD player or storage boxes for your family photos. Be on the lookout for the last item on a shelf.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Don't judge each day by the harvest you reap, but by the seeds you plant."

-- Robert Louis Stevenson, Author

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Marginal Utility
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