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RELATIVELY INELASTIC: An elasticity alternative in which relatively large changes in price cause relatively small changes in quantity. In other words, quantity is not very responsive to price. Relatively inelastic should be compared with other elasticity alternatives--relatively elastic, perfectly inelastic, perfectly elastic, and unit elastic.
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PERFECT COMPETITION, EFFICIENCY Perfect competition is an idealized market structure that achieves an efficient allocation of resources. This efficiency is achieved because the profit-maximizing quantity of output produced by a perfectly competitive firm results in the equality between price and marginal cost. In the short run, this involves the equality between price and short-run marginal cost. In the long run, this is seen with the equality between price and long-run marginal cost at the minimum efficient scale of production.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a square lamp shade with frills along the bottom or an electric coffee pot with automatic shutoff. Be on the lookout for the last item on a shelf.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis, Supreme Court Justice
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NE
Nash Equilibrium
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