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X-INEFFICIENCY: Cost that is higher than it needs to be because a firm is operating inefficiently. This is most often seen for firms that have a great deal of market control, especially monopoly. The lack of competition allows a business to pad it's expenses, hire unneeded employees (like relatives), goof off instead of working, and all sorts of other things that lessen production and increase cost. The business is not penalized for these actions, because market control allows the company to extract whatever price is needed to cover cost.
Visit the GLOSS*arama
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GRAY SKITTERY
Your compete MICRO*scope for today
You are the type of person who wants nothing more than to hit the "pause button" on your hectic life, just for a few moments, just so you can catch your breath, just a moment or two of tranquility, just so you can sort out the options. Family and friends have considered strapping you down to a chair on more than one occasion. Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a birthday greeting card for your father or a T-shirt commemorating the first day of spring. Be on the lookout for pencil sharpeners with an attitude. You should consider shopping at stores or businesses beginning with the letter Z, but do not buy any products with a serial number or product code containing the number 710035. Your preferred shopping venue is mail order catalogs. Your special symbol is the question mark (?).
Is this You?
As a Gray Skittery, you are ambivalent, indecisive, and uncertain. You are in a constant struggle between the forces of demand and supply, production and consumption, good and evil... and you're losing the battle. You have trouble making decisions and choosing from among the seemingly infinite number of options that you perpetually face. Your shopping experiences are inevitably confusing.
This isn't me! What am I?
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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.
Complete Entry | Visit the WEB*pedia |
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Shopping Around For RETAIL PRICESIt's time for another one of our frequent stops at Mr. Market Super Food Discount Store, this time to check out the story behind retail prices. As consumers, we spend a large fraction of our nonworking, nonsleeping lives wandering grocery stores aisles, searching clothing store racks, and surveying department store displays for the right product at the right price. How do we know, like the name of the long-running game show, if "The Price is Right?" How are retail prices set and do they really tell us the value of a product?
Tell me more...
Visit the PEDestrian's Guide
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"All things are difficult before they are easy." -- Thomas Fuller, Physician
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SPO
Strongly Pareto Optimal
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