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DOMINANT FIRM: A term employed in industrial organization to describe a firm that is a price maker and faces little competition from smaller price taking firms, called fringe firms. A firm can become a dominant firm because it has lower costs than fringe firms, because they have a superior differentiated product in the market or because a group of firms collectively act as a single firm. A dominant firm usually has a large market share.
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ADVERSE SELECTION An inefficient, bad, or adverse outcome of a market exchange that results because buyers and/or sellers make decisions based on asymmetric information. This commonly results in a market that exchanges a lesser quality good, what is termed the market for lemons. Two related problems resulting from asymmetric information are moral hazard and the principal-agent problem. Two methods of lessoning the problem of adverse selection are signalling and screening.
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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 looking to buy either a brown leather attache case or car battery jumper cables. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"Cherish your visions and your dreams as they are the children of your soul; the blue prints of your ultimate achievements." -- Napoleon Hill, Author
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Income, Nominal Gross National Product
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