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KINKED-DEMAND CURVE ANALYSIS: An analysis that seeks to explain rigid oligopolistic prices using the kinked-demand curve. The kinked demand curve contains two distinct segments, one for higher prices that is more elastic and one for lower prices that is less elastic. The corresponding marginal revenue curve contains a vertical segment at the existing or initial quantity. Because a profit-maximizing oligopolistic firm equates marginal cost to marginal revenue, marginal cost also can take on a range of values at the existing quantity. In other words, marginal cost can increase or decrease without inducing a profit-maximizing oligopolistic firm to change price or quantity.
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LIMITED RESOURCES A basic condition of nature which means that the quantities of available labor, capital, land and entrepreneurship used for the production of goods and services are finite. It means that the economy has only so many resources that can be used AT ANY GIVEN TIME time to produce goods and services. Limited resources are one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is unlimited wants and needs.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for door-to-door salesmen.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"Whenever an individual or a business decides that success has been attained, progress stops. " -- Thomas Watson Jr., IBM executive
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HSI
Hang Seng Index (Hong Kong)
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