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REGULATION: Government rules or laws that control the activities of businesses and consumers. The motivation for regulation is that businesses are inclined to do things that are harmful to the public--actions which need to be prevented or otherwise controlled. Regulation is essentially an extension of government's authority to protect one member of society from another. It tends to take one of two forms--(1) industry regulation that's intended to prevent firms from gaining and abusing excessive market control and (2) social regulation that seeks to protect consumers for problems caused by pollution, unsafe products, and the lack of information (market failure).
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. " -- Albert Einstein, physicist
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MTN
Multilateral Trade Negotiations
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