|
|
ELASTICITY ALTERNATIVES, SUPPLY: The price elasticity of supply can fall into one of five categories--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--based on the coefficient of elasticity. This table summarizes the five alternatives. These five elasticity alternatives form a continuum ranging from perfectly elastic at one end to perfectly inelastic at the other. The "middle" of this continuum is occupied by unit elastic. in that the "unit" and the two "perfectly" are really borders, boundaries, and endpoints, most of the real world action involving the price elasticity of supply takes place in the two "relatively" alternatives--relatively elastic and relatively inelastic.
Visit the GLOSS*arama
|
|
|
|
|
MARGINAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive 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 perfectly competitive firm with no market control is horizontal.
Complete Entry | Visit the WEB*pedia |
|
|
|
In the early 1900s around 300 automobile companies operated in the United States.
|
|
|
"Difficulties mastered are opportunities won. " -- Winston Churchill, Statesman
|
|
EEH
Explorations in Economic History
|
|
|
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
|
|
