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THE WEALTH OF NATIONS: Officially titled An Inquiry into the Nature and Causes of the Wealth of Nations, this book written by Adam Smith and published in 1776, is considered to be the foundation for the modern study of economics. The Wealth of Nations was the first to combine assorted economic discourse and analyses into a single book. One of its most important themes is the efficiency of free trade and market exchanges unrestricted by government that leads to macroeconomic full employment and microeconomic efficiency.
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MONOPOLISTIC COMPETITION, EFFICIENCY A monopolistically competitive firm generally produces less output and charges a higher price than would be the case for a perfectly competitive firm. In particular, the price charged by a monopolistically competitive firm is higher than the marginal cost of production, which violates the efficiency condition that price equals marginal cost. A monopolistically competitive firm is inefficient because it has market control and faces a negatively-sloped demand curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"There are no shortcuts to any place worth going. " -- Beverly Sills, Opera singer
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NTB
Non-Tariff Barrier
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