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AD VALOREM TARIFF: A tax on imports that is specified as a percentage of the value of the good or service being taxed. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas, which increase prices and thus revenue received by domestic producers, an 'ad valorem tariff' generates revenue for the government. For example: a 15 percent ad valorem tariff on a TV set worth $100 would pay a tariff of $15. One advantage of an ad valorem tariff is that it keeps up with changes in prices (mostly inflation).
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MONOPSONY, MINIMUM WAGE: A minimum wage is a legally established floor on the wage rate that employers can pay their workers. Monopsony is a market structure dominated on the demand side by a single buyer. Contrary to standard analysis, imposing a minimum wage on monopsony market can actually increase employment. See also | compensating wage differentials | monopsony, factor market analysis | factor market, efficiency | monopsony, efficiency |
Recommended Citation:MONOPSONY, MINIMUM WAGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: May 13, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: monopsony, minimum wage
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MARGINAL REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between the marginal revenue received by a monopoly for selling its output and the quantity of output sold. Because a monopoly is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopoly maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a birthday gift for your aunt or a pair of leather sandals that won't cause blisters. Be on the lookout for gnomes hiding in cypress trees.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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MC
Marginal Cost
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