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SHORT-RUN SUPPLY CURVE, MONOPOLISTIC COMPETITION: Market control by a monopolistically competitive firm means that it does not have a supply relation between the quantity of output produced and the price. By way of comparison a perfectly competitive firm DOES have a short-run supply curve. The small amount of market control by a monopolistically competitive firm means that its' price is NOT equal to marginal revenue, and thus it does NOT equate marginal cost and price. As such, a monopolistically competitive firm does not move along it's marginal cost curve. A monopolistic competition does not necessarily supply larger quantities at higher prices or smaller quantities at lower prices.
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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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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a large flower pot shaped like a Greek urn or a small palm tree that will fit on your coffee table. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"Kites rise highest against the wind, not with it. " -- Winston Churchill, British prime minister
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M
Imports
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