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sohomghosh
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FinRAD_Financial_Readability_Assessment_Dataset

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1
terms
stringlengths
1
156
definitions
stringlengths
3
4.2k
source
stringclasses
15 values
assigned_readability
int64
0
1
flesch_reading_ease
float64
-301.79
121
flesch_kincaid_grade
float64
-3.5
55.6
smog_index
float64
0
26.5
coleman_liau_index
float64
-33.81
51.4
automated_readability_index
float64
-6.9
65
dale_chall_readability_score
float64
0.1
35.3
linsear_write_formula
float64
-0.5
73
gunning_fog
float64
0.4
56
Expected rate of inflation
A process of steady infl ation that occurs when infl ation is expected to per- sist and the ongoing rate of infl a- tion is built into contracts and people’s expectations.
sam
1
48.47
14.2
0
9.12
15.5
11.8
18.5
16.27
Expenditure multiplier
See multiplier.
sam
1
-49
20.6
0
7.1
12.5
11.63
1
20.8
Financial
whose products and services consist of nancial instruments like stocks and bonds.
sam
1
59.3
8
0
15.18
12
13.44
6
8.13
Financial system
The markets, rms, and other institutions which carr nancial decisions of households, businesses, govern-ments, and the rest of the world. nancial system include the money mar- xed-interest assets like bonds or mortgages, stock markets for the ownership of rms, and foreign exchange mar-kets which trade the monies of dif-ferent countries.
sam
1
3.81
25.2
0
15.51
30.8
13.7
32
24
Firm
@business firm@. The basic, pri-vate producing unit in an econ-omy. It hires labor, rents or owns capital and land, and buys other inputs in order to make and sell goods and services.
sam
1
46.78
10.7
0
8.18
8.9
11.83
8.5
7.65
Fiscal-monetary mix
The combination of fiscal and monetary policies uence macroeconomic activity. A tight monetar s-cal policy will tend to encourage consumption and retard invest-ment, while an easy monetary– scal policy will have the opposite effect. Fiscal policy. A government’s pro-gram with respect to @1@ the pur-chase of goods and services and spending on transfer payments and @2@ the amount and type of taxes.
sam
1
14.63
18.9
0
13.7
19.7
13.58
15
18.85
Fallacy of composition
The fallacy of assuming that what holds for indi-viduals also holds for the group or the entire system.
sam
1
53.21
10.3
0
9.51
10.1
10.67
12
13.87
Federal funds rate
The interest rate that banks pay each other for the overnight use of bank reserves.
sam
1
81.63
5.6
0
8.4
7.7
7.54
7.5
8.67
Final good
A good that is produced nal use and not for resale or further manufacture. @Compare with intermediate goods. @
sam
1
36.28
12.7
0
10.79
11.6
8.92
11.5
11.64
Finance
The process by which eco-nomic agents borrow from and lend to other agents in order to save and spend.
sam
1
77.57
7.2
0
7.78
8.9
7.9
10.5
7.6
Financial assets
Monetary claims or obligations by one party against another party. Examples are bonds, mortgages, bank loans, and equities.
sam
1
28.5
11.5
0
13.48
10.8
11.1
6
12.49
Floating exchange rates
See flexible exchange rates.
sam
1
50.5
7.2
0
11.6
10
11.73
2
11.6
Flow of funds
The account which nan- ow through the economy.
sam
1
71.82
5.2
0
7.21
5.6
9.95
4
8.2
Flow vs stock
A flow variable is one ows ow through a stream@. A stock variable is one that measures a quantity at a point of time @like the water in a lake@.
sam
1
73.17
6.8
0
3.41
4.1
7.01
7
7.33
Income
The flow of wages, interest payments, dividends, and other receipts accruing to an individual or nation during a period of time (usually a year).
sam
1
30.2
15
0
11.03
14.5
11.41
18
19.6
Wealth
The net value of tangible and fi nancial items owned by a nation or person at a point in time. It equals all assets less all liabilities.
sam
1
74.69
6.2
0
5.56
4.7
9.57
6.75
8.36
Foreign exchange market
The mar-ket in which currencies of differ-ent countries are traded. Foreign exchange rate. The rate, or price, at which one country’s currency is exchanged for the currency of another country. For example, if you can buy 10 Mexi-can pesos for 1 U.S. dollar, then the exchange rate for the peso is 10. A country has a xed exchange rate if it pegs its currency at a given exchange rate and stands ready to defend that rate.
sam
1
45.8
13.2
12.5
8.36
12.7
9.46
8.2
11.7
Fractional-reserve banking
A regu-lation in modern banking systems nancial institutions are legally required to keep a speci- ed fraction of their deposits in the form of deposits with the cen-tral bank @or in vault cash@.
sam
1
46.44
15
0
10.92
18.3
12.93
18.5
14.41
Free goods
Those goods that are not economic goods. Like air or seawater, they exist in such large quantities that they need not be rationed out among those wishing
sam
1
60.99
11.5
0
9.87
14.2
8.48
7.25
15.24
General-equilibrium analysis
Analysis of the equilibrium state for the economy as a whole in which the markets for all goods and services are simultaneously in equilibrium. By contrast, partial-equilibrium analysis concerns the equilibrium in a single market.
sam
1
11.41
16
0
14.27
13.7
8.56
12.75
11.57
GNP
See gross national product.
sam
1
33.58
9.6
0
10.15
8.8
15.68
2
11.6
Gold standard
A system under which a nation @1@ declares its currency unit to be equivalent to some xed weight of gold, @2@ holds gold reserves against its money, and @3@ will buy or sell gold freely at the price so proclaimed, with no restrictions on the export or import of gold.
sam
1
37.65
20.4
0
7.74
24.1
11.8
28
22.4
Government debt
The total of gov-ernment obligations in the form of bonds and shorter-term borrow-ings.
sam
1
49.82
9.5
0
13.5
12.2
12.78
10.5
8.28
Gross domestic product, nominal
The value, at current market prices, of the total fi nal output produced inside a country during a given year.
sam
1
59.64
9.9
0
8.24
10
10.16
9
8
Gross domestic product, real
The quantity of goods and services produced in a nation during a year. Real GDP takes nominal GDP and corrects for price increases.
sam
1
68.26
6.6
0
8.51
6.6
10.39
6.25
9.82
Gross national product, real
Nominal GNP corrected for infl ation; i.e., real GNP equals nominal GNP divided by the GNP defl ator. This was the cen- tral accounting concept in earlier times but has been replaced by gross domestic product.
sam
1
53.21
10.3
0
9.34
10.3
13.3
12.5
13.87
Full employment
A term that is used in many senses. Historically, it was taken to be that level of employ-ment at which no @or minimal@ involuntary unemployment exists. Today, economists rely upon the concept of the nonaccelerating ation rate of unemployment @
sam
1
32.9
11.9
12.5
11.12
9.8
9.54
8.333333
11.35
NAIRU
@ to indicate the highest sustainable level of employment over the long run. G Gains from trade. The aggregate increase in welfare accruing from voluntary exchange; equal to the sum of consumer surplus and ts.
sam
1
3.13
21.3
0
12.31
19.8
11.82
6.833333
20.66
Galloping inflation
See ation. Game theory. An analysis of situ-ations involving two or more decision makers with at least icting interests. It can be applied to the interaction of oligopolistic markets as well as to bargaining situations such icts such as games and war.
sam
1
24.78
15
0
11.02
12.6
11.45
15
16.02
GDP deflator
The “price” of GDP, i.e., the price index that measures the average price of the compo-nents in GDP relative to a base year. decomposes the growth of output into the growth in labor, land, cap-ital, education, technical knowl-edge, and other miscellaneous sources. H
sam
1
2.45
23.6
0
11.91
24.6
12.75
29.5
22.78
Hedging
A technique for avoiding a risk by making a counteract-ing transaction. For example, if a farmer produces wheat that will be harvested in the fall, the risk of uctuations can be offset, or hedged, by selling in the spring or summer the quantity of wheat that will be produced.
sam
1
46.61
12.8
0
9.17
12.7
9.69
15.25
14.7
Herfindahl-Hirschman Index HHI
A measure of market power often used in analysis of market struc-ture. It is calculated by summing the squares of the percentage market shares of all participants in a market.
sam
1
56.25
9.1
0
9.79
9
9.12
8.5
11.33
Perfect competition
would have an HHI of near zero, while complete monopoly has an HHI of 10,000.
sam
1
56.25
9.1
0
5.33
5.9
10.7
7.5
8.67
High-powered money
Same as mon-etary base.
sam
1
50.5
7.2
0
2.9
4.1
11.73
2
1.6
Horizontal equity vs vertical equity
Horizontal equity refers to the fair-ness or equity in treatment of persons in similar situations; the principle of horizontal equity states that those who are essentially equal should receive equal treat-ment.
sam
1
14.63
18.9
0
16.26
21.4
10.78
24.5
20.14
Vertical equity
refers to the equitable treatment of those who are in different circumstances.
sam
1
59.3
8
0
13.73
10.9
9.5
8
11.47
Horizontal integration
See integra-tion, vertical vs. horizontal.
sam
1
-136.65
33.6
0
17.72
16.9
19.67
4.5
26
Horizontal merger
See merger.
sam
1
35.61
8.8
0
-4.51
3.1
11.63
0
0.8
Human capital
The stock of tech-nical knowledge and skill embod-ied in a nation’s workforce, resulting from investments in formal education and on-the-job training.
sam
1
7.86
17.4
0
16.94
18.2
14.45
16.5
14.11
Hyperinflation
See Inflation.
sam
1
-49
20.6
0
4.2
10.2
11.63
1
20.8
Industry
A group of fi rms producing similar or identical products.
sam
1
52.87
8.4
0
9.08
6.6
13.61
7
16
Inferior good
A good whose con-sumption goes down as income rises.
sam
1
79.26
4.4
0
8.03
6.1
9.35
4.5
3.6
Inflation
@ or inflation rate@. The ation rate is the percentage of annual increase in a general price level. ation a-tion at extremely high rates @say, 1000, 1 million, or even 1 billion percent a year@. ation is a rate of 50 or 100 or 200 per-cent annually. ation is a price-level rise that does not distort relative prices or incomes severely.
sam
1
-6.35
29.1
0
8.84
30.2
12.4
19.25
28.67
Innovation
A term particularly asso-ciated with Joseph Schumpeter, who meant by it @1@ the bringing -cantly different product, @2@ the introduction of a new production technique, or @3@ the opening up of a new market. @Contrast with invention. @
sam
1
8.54
21.3
0
11.85
22.1
12.73
25
19.12
Inputs
Commodities or services rms in their production processes; also called factors of production. change in income. @Compare with price elasticity of demand. @
sam
1
15.31
16.6
0
16.19
18.1
11.19
16.5
16.07
Indexing
A mecha-nism by which wages, prices, and contracts are partially or wholly adjusted to compensate for changes in the general price level.
sam
1
32.22
14.2
0
12.24
14.4
11.9
16
14.25
Indifference curve
A curve drawn on a graph whose two axes mea-sure amounts of different goods consumed. Each point on one curve @indicating different com-binations of the two goods@ yields exactly the same level of satisfac-tion for a given consumer.
sam
1
52.19
10.7
0
11.43
12.2
10.4
12.5
11.81
Indifference map
A graph showing a family of indifference curves for a consumer. In general, curves that lie farther northeast from the graph’s origin represent higher levels of satisfaction.
sam
1
32.39
12.1
0
13.27
11.1
11.32
8.25
9.84
Indirect taxes
See direct taxes.
sam
1
34.59
9.2
0
1.52
3.6
9.05
0.5
1.2
Imperfect competitor
Any firm that buys or sells a good in large enough quantities to be able to affect the price of that good.
sam
1
91.45
6
0
4.88
7.8
8.32
12
10.62
Inappropriability
See inappropriable.
sam
1
-91.3
26.5
0
18.7
22
11.63
1
20.8
Inappropriable
Term applied to resources for which the individual cost of use is free or less than the full social costs. These resources are characterized by the presence of externalities, and thus markets ciently from a social point of view.
sam
1
51.68
10.9
0
10.5
11.3
9.06
11.25
10.88
Incidence
@ or tax incidence@. The ultimate economic effect of a tax on the real incomes of producers or consumers @as opposed to the legal requirement for payment@. Thus a sales tax may be paid by a retailer, but it is likely that the inci-dence falls upon the consumer. The exact incidence of a tax depends on the price elasticities of supply and demand.
sam
1
42
12.5
13
8.36
10.5
10.01
10.125
12.8
Insurance
A system by which indi-viduals can reduce their exposure to risk of large losses by spreading the risks among a large number of persons. Integration, vertical vs. horizon-tal. The production process is one of stages—e.g., iron ore into steel ingots, steel ingots into rolled steel sheets, rolled steel sheets into an automobile body.
sam
1
9.22
25.1
0
13.07
30
13.12
11.166667
24.97
Vertical integration
is the combination in rm of two or more dif-ferent stages of this process @e.g., iron ore with steel ingots@. Horizon-tal integration is the combination rm of different units that operate at the same stage of production. Intellectual property rights. Laws governing patents, copyrights, trade secrets, electronic media, and other commodities comprised primarily of information. These laws generally provide the original creator the right to control and be compensated for reproduction of the work.
sam
1
0.08
22.4
0
15.27
24.1
13.15
11.2
22.91
International
monetary system @ also international financial sys-tem@. The institutions under which payments are made for transactions that reach across national boundaries. A central policy issue concerns the arrange-ment for determining how foreign exchange rates are set and how governments can affect exchange rates.
sam
1
16.32
16.2
0
18.22
18.7
12.57
10.5
16.97
Intervention
An activity in which a government buys or sells its cur-rency in the foreign exchange market in order to affect its cur-rency’s exchange rate. Intrinsic value @of money@. The commodity value of a piece of money @e.g., the market value of the weight of copper in a copper coin@.
sam
1
4.82
24.8
0
9.3
25.1
10.26
10.166667
22.05
Invention
The creation of a new product or discovery of a new pro-duction technique. @Distinguish from innovation. @
sam
1
29.86
13.1
0
13.22
13.1
12.33
12.5
13.9
Investment
@1@ Economic activity that forgoes consumption today with an eye to increasing output in the future. It includes tangible capital such as houses and intan-gible investments such as educa-tion. Net investment is the value of total investment after an allow-ance has been made for deprecia-tion. Gross investment is investment without allowance for deprecia- nance terms, “invest-ment” has an altogether different meaning and denotes the pur-chase of a security, such as a stock or a bond.
sam
1
8.03
21.5
0
14.11
23.3
12.23
14.125
20.87
Invisible hand
A concept introduced by Adam Smith in 1776 to describe the paradox of a laissez-faire mar-ket economy. The invisible-hand doctrine holds that, with each par-ticipant pursuing his or her own private interest, a market system t of all as though a benevolent invis-ible hand were directing the whole process.
sam
1
29.69
15.2
0
12.36
15.5
13.23
17.25
16.33
Involuntarily unemployed
See unem-ployment.
sam
1
-49
20.6
0
12.9
19.6
19.53
1
0.8
Isoquant
See equal-product curve.
sam
1
34.59
9.2
0
13.12
14.6
9.05
1.5
1.2
Keynesian economics
The body of macroeconomic analysis devel-oped by John Maynard Keynes holding that a market economy does not automatically tend toward a full-employment equi-librium. According to Keynes, the resulting underemployment equi- scal or monetary policies to raise aggre-gate demand. Keynesian macroeconomics. A the-ory of macroeconomic activity used to explain business cycles. It relies on an upward-sloping aggre-gate supply curve, so that changes in aggregate demand can affect output and employment. Keynesian school. See
sam
1
-3.65
19.7
18.6
17.82
19.9
12.28
14.5
17.93
Labor force
In official U.S. statis-tics, that group of people 16 years of age and older who are either employed or unemployed.
sam
1
34.26
13.5
0
9.11
11.2
12.52
13
12
Labor-force participation rate
The ratio of those in the labor force to the entire population 16 years of age or older.
sam
1
70.13
8
0
4.99
6.1
11.55
9
9.42
Labor productivity
See productivity.
sam
1
-91.3
26.5
0
12.9
17.3
11.63
1
20.8
Labor supply
The number of workers @or, more generally, the number of labor-hours@ available to an econ-omy. The principal determinants of labor supply are population, real wages, and social traditions. Labor theory of value. The view, often associated with Karl Marx, that every commodity should be valued solely according to the quantity of labor required for its production.
sam
1
9.22
18.9
0
13.58
18.6
12.07
9
19.06
Laissez-faire “Leave us alone”
The view that government should interfere as little as possible in eco- nomic activity and leave decisions to the marketplace. As expressed by classical economists like Adam Smith, this view held that the role of government should be limited to maintenance of law and order, national defense, and provision of certain public goods that pri- vate business would not under- take (e.g., public health and sanitation).
sam
1
29.52
17.3
0
12.83
20
10.3
23.5
19.87
Law of diminishing marginal utility
See diminishing marginal utility, law of. Law of diminishing returns. See diminishing returns, law of. Law of downward-sloping demand. The nearly universal observation that when the price of a com-modity is raised @and other things are held constant@, buyers buy less of the commodity. Similarly, when the price is lowered, other things being constant, quantity demanded increases.
sam
1
-8.22
21.5
0
14.45
19.7
10.87
6.083333
19.12
Least-cost rule
@of production@. The rule that the cost of producing c level of output is mini-mized when the ratio of the mar-ginal revenue product of each input to the price of that input is the same for all inputs.
sam
1
41.37
16.9
0
7.44
17.9
10.92
23
17.31
Liabilities
In accounting, debts or nancial obligations owed to other rms or persons.
sam
1
8.53
15.1
0
10.83
8.9
13.44
7
11.47
Libertarianism
An economic philos-ophy that emphasizes the impor-tance of personal freedom in economic and political affairs; also sometimes called “liberalism.”
sam
1
-7.04
19
0
20.59
19.8
13.72
17.5
18.13
Limited liability
The restriction of an owner’s loss in a business to the amount of capital that the owner has contributed to the company.
sam
1
57.61
10.7
0
8.53
10.8
6.88
15
12.44
Long run
A term used to denote a period over which full adjust-ment to changes can take place. In microeconomics, it denotes rms can enter or leave an industry and the capital stock can be replaced. In macroeconomics, it is often used to mean the period over which all prices, wage contracts, tax rates, and expectations can fully adjust.
sam
1
60.65
9.5
12.5
9.57
10.6
9.01
12.166667
11.11
Long-run aggregate supply schedule
A schedule showing the relation-ship between output and the price level after all price and wage adjustments have taken place, and the AS curve is therefore vertical.
sam
1
35.61
15
0
12.42
16.5
9.65
16.5
15.24
Lorenz curve
A graph used to show the extent of inequality of income or wealth. M M 1 . See money supply. Macroeconomic equilibrium. Refer to equilibrium, macroeconomic.
sam
1
-72.35
29.6
0
12.02
15.8
10.56
3.5
14.8
Macroeconomics
Analysis dealing with the behavior of the economy as a whole with respect to output, income, the price level, foreign trade, unemployment, and other aggregate economic variables. @Contrast with microeconomics. @ Malthusian theory of population growth. rst expressed by Thomas Malthus, that the “natural” tendency of popula-tion is to grow more rapidly than the food supply. Per capita food production would thus decline over time, thereby putting a check on population. In general, a view that population tends to grow more rapidly as incomes or living standards of the population rise.
sam
1
24.11
17.4
16.7
14.17
19.5
11.27
20.833333
17.78
Managed exchange rate
The most prevalent exchange-rate system today. In this system, a country occasionally intervenes to stabilize xed or announced parity.
sam
1
2.61
15.3
0
15.11
12.1
10.76
6.25
12.22
Marginal cost
Refer to cost, marginal.
sam
1
-93.33
27.3
0
4.35
5.3
11.73
2
11.6
Marginal principle
The fundamen-tal notion that people will maxi- ts when the marginal costs and marginal ts of their actions are equal.
sam
1
51.18
11.1
0
10.27
11.6
10.94
13
10
Marginal product
MP @. The extra output resulting from 1 extra ed input when all other inputs are held constant. Sometimes called marginal physical product.
sam
1
26.47
12.3
0
11.35
9.1
12.79
6.25
9.85
Marginal product theory of distribution
A theory of the distribu-tion of income proposed by John B. Clark, according to which each productive input is paid according to its marginal product.
sam
1
24.95
12.9
0
10.14
8.6
11.84
8.25
11.4
Marginal propensity to import
Mpm @. In macroeconomics, the increase in the dollar value of imports resulting from each dollar increase in the value of GDP.
sam
1
16.32
16.2
0
10.62
12.6
9.19
13
12.21
Marginal propensity to save
MPS @. That fraction of an additional dollar of disposable income that nition, MRC MPS 1. Marginal revenue @ MR @. The addi- rm would earn if it sold 1 extra unit of output. In perfect competition, MR equals price. Under imperfect competi-tion, MR is less than price because, in order to sell the extra unit, the price must be reduced on all prior units sold.
sam
1
16.32
16.2
11.2
8.3
11.1
10.44
6.8
11.57
Marginal revenue product
MRP @ @of an input@. Marginal revenue multiplied by marginal product. It is the extra revenue that would sam11290_glo.indd 666sam11290_glo.indd 6662/24/09 2:58:32 PM2/24/09 2:58:32 PM 667 rm were to buy 1 extra unit of an input, put it to work, and sell the extra product it produced.
sam
1
31.21
14.6
0
10.51
14.4
12.33
7.833333
12.68
Marginal tax rate
For an income tax, the percentage of the last dollar of income paid in taxes. If a tax sys-tem is progressive, the marginal tax rate is higher than the average tax rate. Marginal utility @ MU @. The addi-tional or extra satisfaction yielded from consuming 1 additional unit of a commodity, with amounts of all other goods consumed held constant.
sam
1
16.66
18.1
0
10.8
16.3
11.06
10.25
17.81
Marxism
The set of social, political, and economic doctrines devel-oped by Karl Marx in the nine-teenth century. As an economic theory,
sam
1
35.95
10.7
0
10.82
9
12.82
7
14
Mean
In statistics, the same thing as “average.” Thus for the numbers 1, 3, 6, 10, 20, the mean is 8.
sam
1
59.64
9.9
0
2.73
6.7
12.52
12
12
Median
In statistics, the fi gure exactly in the middle of a series of numbers ordered or ranked from lowest to highest (e.g., incomes or examination grades). Thus for the numbers 1, 3, 6, 10, 20, the median is 6.
sam
1
60.14
9.7
0
5.75
8.6
13.51
11.75
11.9
Mercantilism
A political doctrine emphasizing the importance of balance-of-payments surpluses as a device to accumulate gold. Pro-ponents therefore advocated tight government control of economic policies, believing that laissez-faire policies might lead to a loss of gold.
sam
1
2.95
17.2
0
18.56
17.6
13.08
14.75
16.14
Merchandise trade balance
See bal-ance of trade.
sam
1
75.88
3.7
0
1.45
2.9
11.73
1
1.6
Merger
The acquisition of one cor-poration by another, which usually rm buys the stock of another. Important exam-ples are @1@ vertical mergers, which rms are at different stages of a production process @e.g., iron ore and steel@, @2@ horizontal mergers, which occur rms produce in the same market @e.g., two automobile manufacturers@, and @3@ conglomer-ate mergers, which occur when the rms operate in unrelated markets @e.g., shoelaces and oil ning@.
sam
1
11.08
20.3
0
12.31
21.5
11.98
25.25
19.6
Microeconomics
Analysis dealing with the behavior of individual elements in an economy—such as the determination of the price of a single product or the behavior of a rm. @Contrast with macroeconomics. @ Minimum cost. Refer to cost, minimum. Mixed economy. The dominant form of economic organization in noncommunist countries. Mixed economies rely primarily on the price system for their economic organization but use a variety of government interventions @such as taxes, spending, and regula-tion@ to handle macroeconomic instability and market failures.
sam
1
-27.85
27
0
16.08
25.8
11.99
16
24.91
Model
A formal framework for rep-resenting the basic features of a complex system by a few central relationships.
sam
1
37.3
12.3
0
12.82
12.3
13.77
10.5
11.51
Momentary run
A period of time that is so short that production is xed.
sam
1
76.22
5.6
0
3.58
2.6
8.18
7
11.47
Monetarism
A school of thought holding that changes in the money supply are the major cause of mac- roeconomic fl uctuations.
sam
1
51.18
11.1
0
9.69
10.9
10.16
12
12
Monetary policy
The objectives of the central bank in exercising its control over money, interest rates, and credit conditions. The instru-ments of monetary policy are pri-marily open-market operations, reserve requirements, and the dis-count rate.
sam
1
12.94
15.4
0
17.05
16.1
13.31
13.5
17.65
Monetary rule
A period of time that is so short that production is fixed.
sam
1
84.68
4.4
0
4.57
3.4
8.18
7
11.47
Monopolistic competition
A market structure in which there are many sellers supplying goods that are close, but not perfect, substitutes. rm can exercise some effect on its prod-uct’s price.
sam
1
35.61
15
0
11.78
16.3
10.82
17.5
15.24
Monopoly
A market structure in which a commodity is supplied rm. Also see natural monopoly.
sam
1
38.99
9.6
0
7.84
5.3
10.75
4
11.37