|
|
PERFECT COMPETITION AND DEMAND: The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also the firm's average revenue and, most importantly, its marginal revenue.
Visit the GLOSS*arama
|
|

|
|
|
MARKET-ORIENTED ECONOMY A mixed economy that relies heavily on markets to answer the three questions of allocation, but with a modest amount of government involvement. While it is commonly termed capitalism, the term market-oriented economy is much more descriptive of the structure of the economy. The United States is the primary example of a market-oriented economy.
Complete Entry | Visit the WEB*pedia |


|
|
BLUE PLACIDOLA [What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for celebrities who speak directly to you through your television. Your Complete Scope
This isn't me! What am I?
|
|
|
Three-forths of the gold mined each year is used to manufacture jewelry.
|
|
|
"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
|
|
ILO International Labor Office
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|