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MARKET FAILURES: Conditions in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction. The four main market failures are--(1) public good, (2) market control, (3) externality, and (4) imperfect information. In each case, a market acting without any government imposed direction, does not direct an efficient amount of our resources into the production, distribution, or consumption of the good.
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COLLUSION A usually secret agreement among competing firms in an industry (primarily oligopoly) to dominate the market, control the market price, and otherwise act like a monopoly. The reason for the secrecy is that such behavior is illegal in the United States under antitrust laws. Collusion can take one of two forms. Explicit collusion occurs when two or more firms in the same industry formally agree to control the market. Implicit collusion occurs when two or more firms in the same industry control the market through informal, interdependent actions. Collusion is one of two ways oligopoly firms cooperate to avoid competition. The other is through mergers.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for telephone calls from former employers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"For a writer, published works are like fallen flowers, but the expected new work is like a calyx waiting to blossom." -- Cao Yu, Playwright
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NBV
Net Book Value
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