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6 Cards in this Set
- Front
- Back
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how do you measure labor income?
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A more complete measure of labor income is total labor compensation, which includes employer-provided benefits as well as wage and salary income.
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he supply of a renewable resource is:
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The supply of renewable resources over a period of time is fixed. The supply of renewable resources is, therefore, independent of price and perfectly inelastic.
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monopolistic competition
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- downward slopoing demand curve. highly elastic.
- long run average cost is not inimized - excessive advertising may take place fewer producers could be more efficient - product diversity - large number o firms - differentiated producs - firms compete on price quality and arketing - low barriers to entry |
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oligopoly
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small nuber
interdependance significant barriers to entry |
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rent seeking.
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When producers expend resources and time in an effort to establish a monopoly position, this behavior is described as rent seeking.
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short-run market supply curve is
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hort-run market supply curve is the horizontal sum of the marginal cost curves for all firms in a given industry. It is the sum of all quantities from all firms at each price along each firm’s marginal cost curve.
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