Market Efficiency - Market Failures Recall that: Adam Smith’s “invisible hand” of the marketplace leads self￾interested buyers and sellers in a market to maximize the total benefit that society can derive from a market

“The best things in life are free. . . ” Free goods provide a special challenge for economic analysis Most goods in our economy are allocated in markets… …for these goods, prices are the signals that guide the decisions of buyers and sellers

The Law of Supply: uFirms are willing to produce and sell a greater quantity of a good when the price of the good is high. uThis results in a supply curve that slopes upward

The Meaning of Competition uA perfectly competitive market has the following characteristics: u There are many buyers and sellers in the market

Monopoly While a competitive firm is a price taker, a monopoly firm is a price maker

Imperfect Competition Imperfect competition refers to those market structures that fall between perfect competition and pure monopoly

Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. The Four Types of Market Structure Monopoly Oligopoly Monopolistic Competition Perfect Competition

Factors of Production Factors of production are the inputs used to produce goods and services

常用控制电器的动作原理及其控制作用 鼠笼式三相异步电动机典型控制电路的工作原理 安全用电常识 5.1常用控制电器 5.2三相异步电动机的基本控制电路 5.3安全用电

1.设计步骤 (1)建立原始状态表和状态图 原始的含义:是指没有经过简化而获得的状态转移表和状态转移图