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Buttered cat paradox: Humorous example of a paradox from contradicting proverbs. Intentionally blank page: Many documents contain pages on which the text "This page intentionally left blank" is printed, thereby making the page not blank. Metabasis paradox: Conflicting definitions of what is the best kind of tragedy in Aristotle's Poetics.
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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost. Monopoly power is a strong form of market power—the ability to set prices or wages unilaterally. This is the opposite of the situation in a perfectly competitive market in which supply and demand set prices.
By remaining consistent with the strict definition of market power as any firm with a positive Lerner index, the sources of market power is derived from distinctiveness of the good and or seller. [31] For a monopolist, distinctiveness is a necessary condition that needs to be satisfied but this is just the starting point.
In neoclassical economics, a market distortion is any event in which a market reaches a market clearing price for an item that is substantially different from the price that a market would achieve while operating under conditions of perfect competition and state enforcement of legal contracts and the ownership of private property.
Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy . However, unlike critics of political economy , Marxian economists tend to accept the concept of the economy prima facie .
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.