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KALDOR-HICKS IMPROVEMENT: Based on the Kaldor-Hicks efficiency criterion, the notion that an action improves efficiency if the willingness to pay of those benefiting exceed the willingness to accept of those harmed. In other words, if those gains exceed those losses, or the benefits exceed the costs, then social welfare is improved and undertaking the action provides a net benefit to society. In other words, the winners can, in principle, compensate the losers for their loss, and still come out ahead. The actual compensation, however, is required. A contrasting condition for attaining efficiency is the Pareto improvement.
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OLIGOPOLY AND MONOPOLY Oligopoly and monopoly have some similarities, both tend to be relatively large and possess significant market control, but also have a few important differences, oligopoly market has more than one firm. The dividing line between oligopoly and monopoly, however, can be blurred due to the closeness of substitutes and the inclination of oligopoly firms to collude.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a set of serrated steak knives, with durable plastic handles or a pair of blue silicon oven mitts. Be on the lookout for celebrities who speak directly to you through your television.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"It is part of the American character to consider nothing as desperate. " -- President Thomas Jefferson
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Income, Nominal Gross National Product
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