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COMPETITION AMONG THE FEW: A market with a small number of sellers (or buyers), such that each seller (or buyer) has some degree of market control. Many think of this type of competition when the term competition arises (the other type is competition among the many). This sort of competition leads to intense rivalry where each participant achieves their objective only by beating the others. I call this track-meet competition. In a track race among a handful of competitors, like a 100 meter sprint, the winner is the fastest of THIS GROUP.
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either semi-gloss photo paper that works with your neighbor's printer or a birthday gift for your father that doesn't look like every other birthday gift for your father. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"No great performance ever came from holding back. " -- Don Greene, motivational coach, former Green Beret
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CIFE
Cost, Insurance, Freight and Exchange
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