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SHORT-RUN SUPPLY CURVE, MONOPOLY: Market control by a monopoly firm means that it does not have a supply relation between the quantity of output produced and the price. By way of comparison a perfectly competitive firm does have a short-run supply curve. Market control by a monopoly means that it price is NOT equal to marginal revenue, and thus it does NOT equate marginal cost and price. As such, a monopoly firm does not move along it's marginal cost curve. A monopoly does not necessarily supply larger quantities at higher prices or smaller quantities at lower prices.
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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who is the poster child for the word "frugal," and you might even buy the poster if it cost less. Family and friends never, never, never ask you for a loan. Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a set of hubcaps or handcrafted decorations to hang on your walls. Be on the lookout for small children selling products door-to-door. You should consider shopping at stores or businesses beginning with the letter L, but do not buy any products with a serial number or product code containing the number 760621. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.
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The Crystal Ball Of ECONOMIC FORECASTINGHow often has this happened to you? You've packed a tasty picnic lunch, donned your spiffy-looking swimwear, loaded up the beach blanket and umbrella, then headed for the artificial waves of the local Happy-Time Gala-World Fun-Land Water Park expecting bright sunshine and warm temperatures. However, upon reaching Happy-Time Gala-World Fun-Land Water Park you find that the economy has fallen into a deep recession, with high unemployment rates and sluggish production, and the owners of the Happy-Time Gala-World Fun-Land Water Park have been forced to turn off the artificial wave machine, dismantle the water slides, and drain the pool. (It's also raining and 50 degrees. We will, however, ignore those problems because this isn't A Pedestrian's Guide to Meteorology.)
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Time is the scarcest resource, and unless it is managed nothing else can be managed." -- Peter F. Drucker
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AVC
Average Variable Cost
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