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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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DIVISION OF LABOR A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for telephone calls from former employers.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"If I have ever made any valuable discoveries, it has been owing more to patient attention than to any other talent. " -- Isaac Newton, mathematician, physicist
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AV
Actual Value
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