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VERTICAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the vertical or Y axis for a given value of the variable on the horizontal or X axis. This is commonly used for deriving the demand curve for a public good from a set of individual demand curves. The demand price that each individual buyer is willing to pay is added for a given quantity to identify the total benefits obtained.
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PERFECT COMPETITION, CHARACTERISTICS The four key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) perfect resource mobility or the freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The man who can drive himself further once the effort gets painful is the man who will win. " -- Roger Bannister, runner
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ICTB
International Customs Tariffs Bureau
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