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PERFECT COMPETITION: An ideal market structure characterized by a large number of small firms, identical products sold by all firms, freedom of entry into and exit out of the industry, and perfect knowledge of prices and technology. This is one of four basic market structures. The other three are monopoly, oligopoly, and monopolistic competition. Perfect competition is an idealized market structure that's not observed in the real world. While unrealistic, it does provide an excellent benchmark that can be used to analyze real world market structures. In particular, perfect competition efficiently allocates resources.
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ORANGE REBELOON
Your compete MICRO*scope for today
You are the type of person who can scrounge together a complete fashion ensemble for the price of a cheeseburger that will make heads turn... turn away in disgust. Family and friends no longer accompany you when shopping due to constant bickering with the store clerks. Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for crowded shopping malls. 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 459122. Your preferred shopping venue is flea markets. Your special symbol is the backslash (\).
Is this You?
As an Orange Rebeloon, you are very much the rebel and the contrarian. It is your nature to go against the grain. When everyone else is buying, you sell. When everyone else is selling, you buy. You go against the trends. You disdain fashion. If it's hot, you're not. You would march to your own drummer and dance to your own tune, if doing so wasn't so trite and conventional.
This isn't me! What am I?
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PHYSICAL WEALTH, AGGREGATE EXPENDITURES DETERMINANT One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. A decrease in physical wealth causes an increase (upward shift) of the aggregate expenditures line. An increase in physical wealth causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include consumer confidence, federal deficit, inflationary expectations, and exchange rates.
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Fact 7: Our Circular WorldOur little excursion through the economy has had, thus far, its ups and downs. My cable bill remains permanently confused and my checking account has a large property-tax created imbalance, but at least the pain in my tooth stops before hitting my toes. I think we deserve a little rest and relaxation at the Shady Valley's own tourist mecca, Happy-Time Gala-World Fun-Land Extravaganza Amusement Park. Let's take a brief respite from our pedestrian trek and give the soles of our jogging shoes a well-deserved rest. The Happy-Time Gala-World Fun-Land Extravaganza Amusement Park has the world famous Monster Loop Death Plunge roller coaster, guaranteed to make riders yearn for the pleasures of a Siberian forced labor camp. There's also the Enchanted Haunted Horror House filled with serial killers, chainsaw murders, and IRS auditors. For the more timid, and fortunately, for those more interested in the workings of our economy, the merry-go-round is the ride of choice. Two familiar faces are enjoying the circular trip on their fiberglass ponies. The slender guy with the bushy mustache is Dan Dreiling, the drywall man. I had him repair a hole in my living room wall caused by an over-excited vacuum cleaner a few months back. The disgusted look on his dusty face tells me that I must have overlooked his $100 bill. The other recognizable rider is Pollyanna Pumpernickel a precocious pet store owner who has somehow neglected to pay me the $100 due for hamster-sitting services which I rendered a few weeks ago. Her furtive glances suggest that she is well aware of her liability.
Tell me more...
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. Most men succeed because they are determined to. " -- George Allen, U.S. senator
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JEMS Journal of Economics and Management Strategy
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