Archive for the ‘Micro Economics’ Category
Thursday, May 8th, 2008
In economics, it is often common to use the word "rationing" to refer to one of the roles that prices play in markets, while rationing (as the word is usually used) is called "non-price rationing." Using prices to ration means that those with the most money (or other assets) and ...
Posted in Economics, Micro Economics | No Comments »
Thursday, May 1st, 2008
Economies of scope are conceptually similar to Economies of scale. Whereas economies of scale primarily refer to efficiencies associated with supply-side changes, such as increasing or decreasing the scale of production, of a single product type, economies of scope refer to efficiencies primarily associated with demand-side changes, such as increasing ...
Posted in Business, Economics, Micro Economics | No Comments »
Tuesday, August 21st, 2007
Monopoly is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service. By definition, monopoly is characterized by an absence of competition, which often results in high prices and inferior products. Getting strictly academic, monopoly ...
Posted in Micro Economics | No Comments »
