|
|
PERFECT COMPETITION AND DEMAND: The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also the firm's average revenue and, most importantly, its marginal revenue.
Visit the GLOSS*arama
|
|
|
|
|
DETERMINANTS Ceteris paribus factors that are held constant when a curve is constructed. Changes in these factors then cause the curve to shift to a new location. The most common determinants are demand determinants for the demand curve and supply determinants for the supply curve. Other curves used in the analysis of economics also have notable determinants, including the production possibilities curve, the aggregate demand curve, the aggregate supply curve, and the short-run average cost curve.
Complete Entry | Visit the WEB*pedia |
|
|
BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
|
|
|
The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
|
|
|
"Being defeated is only a temporary condition; giving up is what makes it permanent." -- Marilyn vos Savant, Author
|
|
M
Imports
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
