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DISCOUNT: In financial terms, a bond or similar financial asset that sells below its face value. Discounting is done to equalized the interest rate attached to a bond with comparable interest rates in the economy. For example, a $100,000 bond that pays a fixed 10 percent interest on the face value (that is, $10,000 annually) would be discounted to $83,333 if comparable interest rates were above 12 percent. As such, the $10,000 annual interest payment works out to be 12 percent of a $83,333 price.
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COLLUSION, EFFICIENCY Colluding oligopolistic firms generally produce less output and charge a higher price than would be the case for a perfectly competitive industry. The efficiency of colluding oligopolistic firms is essentially the same as that for monopoly. In essence, colluding oligopolistic firms function just as if the market is a monopoly. The price charged by the colluding firms is higher than the marginal cost of production and the quantity is less. Most notably, price is greater than marginal, a violation of the key condition for efficiency.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for defective microphones.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"How wonderful it is that nobody need wait a single moment before starting to improve the world." -- Anne Frank
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NASD
National Association of Securities Dealers
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