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of the product itself is not among the factors that shift the supply curve. Although a change in price of a good or service typically causes a change in quantity supplied or a movement along the supply curve for that specific good or service, it does not cause the supply curve itself to shift. Figure 3.15 Factors That ...
s. What does this suggest about the continued viability of the Postal Service? Figure 3.18 and the text below illustrate this using the four-step analysis to answer this question. This OpenStax book is available for free at http://cnx.org/content/col12170/1.7 Chapter 3 \| Demand and Supply 65 Figure 3.18 Higher Compensa...
(the “floor”). This section uses the demand and supply framework to analyze price ceilings. The next section discusses price floors. A price ceiling is a legal maximum price that one pays for some good or service. A government imposes price ceilings in order to keep the price of some necessary good or service affordabl...
demand curve traces consumers’ willingness to pay for different quantities. The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called consumer surplus. Consumer surplus is the area labeled F—that is, the area above the market price and below the demand curve. Figure...
e lower prices in organic foods. Since the production costs of these foods may remain higher than conventional farming, because organic fertilizers and pest management techniques are more expensive, they may never fully catch up with the lower prices of non-organic foods. As a final, specific example: The Environmental...
the diagram if necessary. a. Cars are becoming more fuel efficient, and therefore get more miles to the gallon. b. The winter is exceptionally cold. c. A major discovery of new oil is made off the coast of Norway. d. The economies of some major oil-using nations, like Japan, slow down. e. A war in the Middle East disr...
esult is that the quantity supplied of movies at any given price increases by 10%. Price per Pound Qd Qs $5.00 $6.00 $7.00 $8.00 $9.00 Table 3.10 26 24 22 21 20 16 18 20 21 22 57. A low-income country decides to set a price ceiling on bread so it can make sure that bread is affordable to the poor.Table 3.11 provides th...
kets. When the price of labor is not at the equilibrium, economic incentives tend to move salaries toward the equilibrium. For example, if salaries for nurses in Minneapolis-St. Paul-Bloomington were above the equilibrium at $75,000 per year, then 38,000 people want to work as nurses, but employers want to hire only 33...
echnological advances by having the ability to monitor more information, communicate more easily, and juggle a wider array of responsibilities. How will the new technologies affect the wages of high-skill and low-skill workers? For this question, the four-step process of analyzing how shifts in supply or demand affect ...
a pay increase of 10%, but 2% of those receiving the minimum wage lose their jobs, are the gains for society as a whole greater than the losses? The answer is not clear, because job losses, even for a small group, may cause more pain than modest income gains for others. For one thing, we need to consider which minimum ...
sometimes a long period. Most workers save for retirement because their income in the present is greater than their needs, while the opposite will be true once they retire. Thus, they save today and supply financial markets. If their income increases, they save more. If their perceived situation in the future changes, ...
nd and supply—and then serving as messengers to convey that information to buyers and sellers. In a market-oriented economy, no government agency or guiding intelligence oversees the set of responses and interconnections that result from a change in price. Instead, each consumer reacts according to that person’s prefer...
et: they are suppliers of financial capital when they save or make financial investments, and demanders of financial capital when they borrow or receive financial investments. In the demand and supply analysis of labor markets, we can measure the price by the annual salary or hourly wage received. We can measure the qu...
ates. What is the equilibrium interest rate and quantity in the capital financial market? How can you tell? Now, imagine that because of a shift in the perceptions of foreign investors, the supply curve shifts so that there will be $10 million less supplied at every interest rate. Calculate the new equilibrium interest...
igure in each equation: % change in quantity = 1,600 – 1,800 ⎝1,600 + 1,800)/2 ⎛ × 100 × 100 = –200 1,700 = –11.76 % change in price = 130 – 120 (130 + 120)/2 × 100 × 100 = 10 125 = 8.0 Step 4. Then, we can use those values to determine the price elasticity of demand: Price Elasticity of Demand = % change in quantity %...
ercentage calculation are getting increasingly larger in value, increasing the denominator in the calculation of the percentage change in price. Along the constant unitary elasticity supply curve, the percentage quantity increases on the horizontal axis exactly match the percentage price increases on the vertical axis—...
at the total revenue that the farmer receives increases. The Clear It Up box discusses how these issues relate to coffee. How do coffee prices fluctuate? Coffee is an international crop. The top five coffee-exporting nations are Brazil, Vietnam, Colombia, Indonesia, and Ethiopia. In these nations and others, 20 million...
adjust your home thermostat by a few degrees if the cost of energy rises, but that is about all. 122 Chapter 5 \| Elasticity However, in the long run you can purchase a car that gets more miles to the gallon, choose a job that is closer to where you live, buy more energy-efficient home appliances, or install more insula...
dence on the supply curve of financial capital is controversial but, at least in the short run, the elasticity of savings with respect to the interest rate appears fairly inelastic. Expanding the Concept of Elasticity The elasticity concept does not even need to relate to a typical supply or demand curve at all. For ex...
n supply, producers bear most of the cost of the tax. Tax revenue is larger the more inelastic the demand and supply are. 5.4 Elasticity in Areas Other Than Price Elasticity is a general term, that reflects responsiveness. It refers to the change of one variable divided by the percentage change of a related variable th...
showed “real total food spending by U.S. households declined five percent between 2006 and 2009.” So, it was not groceries. What product would people around the world demand more of during tough economic times, and more importantly, why? (Find out at chapter’s end.) That question leads us to this chapter’s topic—analy...
lculations for each point on Table 6.3, in which the total utility numbers are shown in the last column. For José, the highest total utility for all possible combinations of goods occurs at point S, with a total utility of 103 from consuming one T-shirt and six movies. Choosing with Marginal Utility Most people approac...
aximizing point this will equal the marginal utility of good 1 divided by the marginal utility of good 2. P1 P2 = MU1 MU2 Along the budget constraint, the total price of the two goods remains the same, so the ratio of the prices does not change. However, the marginal utility of the two goods changes with the quantities...
choice like L, he consumes more bats but fewer cameras. The typical response to higher prices is that a person chooses to consume less of the product with the higher price. This occurs for two reasons, and both effects can occur simultaneously. The substitution effect occurs when a price changes and consumers have an i...
ometimes make decisions that seem “irrational” and not in their own best interest. People’s decisions can seem inconsistent from one day to the next and they even deliberately ignore ways to save money or time. The traditional economic models assume rationality, which means that people take all available information an...
e marginal utility to price of good 2 and apply the rule that at the optimal choice, the two ratios should be equal: MU1 P1 = MU2 P2 6.2 How Changes in Income and Prices Affect Consumption Choices The budget constraint framework suggest that when income or price changes, a range of responses are possible. When income r...
charge for its products? • How much labor should the firm employ? The answers to these questions depend on the production and cost conditions facing each firm. That is the subject of this chapter. The answers also depend on the market structure for the product(s) in question. Market structure is a multidimensional conc...
raw material. If the establishment heats the oven with natural gas, we would count this as a raw material. Don’t forget electricity for lights. If, instead of pizza, we were looking at an agricultural product, like wheat, we would include the land the farmer used for crops here. • Labor – When we talk about production...
tion that shows the cost of producing different levels of output. Q Cost 1 $32.50 2 $44 3 $52 4 $90 Table 7.3 Cost Function for Producing Widgets What we observe is that the cost increases as the firm produces higher quantities of output. This is pretty intuitive, since producing more output requires greater quantities...
The first five columns of Table 7.10 duplicate the previous table, but the last three columns show average total costs, average variable costs, and marginal costs. These new measures analyze costs on a per-unit (rather than a total) basis and are reflected in the curves in Figure 7.8. Figure 7.8 Cost Curves at the Cli...
tem and updating the information. In this case, the total cost curve might start at a high level, because of the high fixed costs, but then might appear close to flat, up to a large quantity of output, reflecting the low variable costs of operation. If the website is popular, however, a large rise in the number of visi...
of workers and focuses more on machines. However, that same employer is likely to use production technologies with more workers and less machinery when producing in a lower-wage country like Mexico, China, or South Africa. Economies of Scale Once a firm has determined the least costly production technology, it can con...
ief that banks can be “too-big-to-fail.” The Size and Number of Firms in an Industry The shape of the long-run average cost curve has implications for how many firms will compete in an industry, and whether the firms in an industry have many different sizes, or tend to be the same size. For example, say that the applia...
ot inevitably lead to a greater average size for firms. For example, in recent years some new technologies for generating electricity on a smaller scale have appeared. The traditional coal-burning electricity plants needed to produce 300 to 600 megawatts of power to exploit economies of scale fully. However, high-effic...
xpensive inputs where possible, so as to produce at the lowest possible long-run average cost. Economies of scale refers to a situation where as the level of output increases, the average cost decreases. Constant returns to scale refers to a situation where average cost does not change as output increases. Diseconomies...
etplace for another crop. In this case, they do not sell the family farm, they switch crops. Take the case of the upper Midwest region of the United States—for many generations the area was called “King Wheat.” According to the United States Department of Agriculture National Agricultural Statistics Service, statistics...
doesn’t make a profit at every level of output. In this example, total costs will exceed total revenues at output levels from 0 to approximately 30, and so over this range of output, the firm will be making losses. At output levels from 40 to 100, total revenues exceed total costs, so the firm is earning profits. Howe...
urve. Since price is less than average cost, the firm is making a loss. First consider a situation where the price is equal to $5 for a pack of frozen raspberries. The rule for a profitmaximizing perfectly competitive firm is to produce the level of output where Price= MR = MC, so the raspberry farmer will produce a qu...
losses of $47.50, but price is above average variable cost, so it continues to operate. In (b), total revenues are $90 and total cost is $165, for overall losses of $75. If the farm shuts down, it must pay only its fixed costs of $62. Shutting down is preferable to selling at a price of $1.50 per pack. Looking at Table...
e of $28 is greater than the AVC ($16.40) of producing 5 units of output, so the firm continues producing. 8.3 \| Entry and Exit Decisions in the Long Run By the end of this section, you will be able to: • Explain how entry and exit lead to zero profits in the long run • Discuss the long-run adjustment process It is imp...
(c) present the cases for an increasing cost and decreasing cost industry, respectively. For an increasing cost industry, the LRS is upward sloping, while for a decreasing cost industry, the LRS is downward sloping. Figure 8.8 Adjustment Process in a Constant-Cost Industry In (a), demand increased and supply met it. No...
rice faced by a perfectly competitive firm is above average cost at the profit-maximizing quantity of output, then the firm is making profits. If the market price is below average cost at the profit-maximizing quantity of output, then the firm is making losses. If the market price is equal to average cost at the profit...
e that shows the company’s output, total cost, marginal cost, average cost, variable cost, and average variable cost. b. At what price is the zero-profit point? At what c. d. price is the shutdown point? If the company sells the computers for $500, is it making a profit or a loss? How big is the profit or loss? Sketch ...
n arise in industries where the marginal cost of adding an additional customer is very low, once the fixed costs of the overall system are in place. This results in situations where there are substantial economies of scale. For example, once a water company lays the main water pipes through a neighborhood, the marginal...
In some cases, large advertising budgets can also act as a way of discouraging the competition. If the only way to launch a successful new national cola drink is to spend more than the promotional budgets of Coca-Cola and Pepsi Cola, not too many companies will try. A firmly established brand name can be difficult to ...
se output levels and the corresponding prices per 1,000 or 10,000 pills.) As the figure illustrates, total revenue for a monopolist has the shape of a hill, first rising, next flattening out, and then falling. In this example, total revenue is highest at a quantity of 6 or 7. However, the monopolist is not seeking to m...
h, in Figure 9.6, is $800. This price is above the average cost curve, which shows that the firm is earning profits. Step 3: Calculate Total Revenue, Total Cost, and Profit Total revenue is the overall shaded box, where the width of the box is the quantity sold and the height is the price. In Figure 9.6, this is 5 x $8...
industries intellectual property the body of law including patents, trademarks, copyrights, and trade secret law that protect the right of inventors to produce and sell their inventions legal monopoly legal prohibitions against competition, such as regulated monopolies and intellectual property protection marginal prof...
tive Commons) The Temptation to Defy the Law Laundry detergent and bags of ice—products of industries that seem pretty mundane, maybe even boring. Hardly! Both have been the center of clandestine meetings and secret deals worthy of a spy novel. In France, between 1997 and 2004, the top four laundry detergent producers ...
a perfectly competitive firm, but it will lose more customers than would a monopoly that raised its prices. At a glance, the demand curves that a monopoly and a monopolistic competitor face look similar—that is, they both slope down. However, the underlying economic meaning of these perceived demand curves is differen...
erceived demand curve (D0). The intersection of the marginal revenue curve (MR0) and marginal cost curve (MC) occurs at point S, corresponding to quantity Q0, which is associated on the demand curve at point T with price P0. The combination of price P0 and quantity Q0 lies above the average cost curve, which shows that...
n either case, a successful advertising campaign may allow a firm to sell either a greater quantity or to charge a higher price, or both, and thus increase its profits. However, economists and business owners have also long suspected that much of the advertising may only offset other advertising. Economist A. C. Pigou ...
he two prisoners had cooperated by both remaining silent, they would only have had to serve a total of four years of jail time between them. If the two prisoners can work out some way of cooperating so that neither one will confess, they will both be better off than if they each follow their own individual self-interes...
hat of a highly competitive market. Tradeoffs of Imperfect Competition Monopolistic competition is probably the single most common market structure in the U.S. economy. It provides powerful incentives for innovation, as firms seek to earn profits in the short run, while entry assures that firms do not earn economic pro...
10. firm productively efficient? Is it allocatively efficient? Why or why not? competitive 11. Will the firms in an oligopoly act more like a monopoly or more like competitors? Briefly explain. 12. Does each individual in a prisoner’s dilemma benefit more from cooperation or from pursuing selfinterest? Explain briefly...
hman Index (HHI) • Evaluate methods of antitrust regulation A corporate merger occurs when two formerly separate firms combine to become a single firm. When one firm purchases another, it is called an acquisition. An acquisition may not look just like a merger, since the newly purchased firm may continue to operate und...
e a four-firm concentration ratio of 80. However, in one industry five firms each control 20% of the market, while in the other industry, the top firm holds 77% of the market and all the other firms have 1% each. Although the four-firm concentration ratios are identical, it would be reasonable to worry more about the e...
m achieves a large share of the market by producing a better product at a lower price, such behavior is not prohibited by antitrust law. Restrictive Practices Antitrust law includes rules against restrictive practices—practices that do not involve outright agreements to raise price or to reduce the quantity produced, b...
regulation. Table 11.3 outlines the regulatory choices for dealing with a natural monopoly. This OpenStax book is available for free at http://cnx.org/content/col12170/1.7 Chapter 11 \| Monopoly and Antitrust Policy 265 Figure 11.3 Regulatory Choices in Dealing with Natural Monopoly A natural monopoly will maximize pro...
s, the first U.S. government regulation of the airline industry happened through the Postal Service, when in 1926 the Postmaster General began giving airlines permission to fly certain routes based on mail delivery needs—and the airlines took some passengers along for the ride. In 1934, the antitrust authorities charge...
A HerfindahlHirschman Index (HHI) is another way of measuring the extent of competition in a market. We calculate it by taking the market shares of all firms in the market, squaring them, and then summing the total. The forces of globalization and new communications and information technology have increased the level ...
the United States. While a private company, TransCanada, will own the pipeline, U.S. government approval is required because of its size and location. There are four phases in building the pipeline, with the first two currently in operation, bringing oil from Alberta, Canada, east across Canada, south through the Unit...
100. As Table 12.2 and Figure 12.2 illustrate, the firm will need to receive a price of $700 per refrigerator and produce This OpenStax book is available for free at http://cnx.org/content/col12170/1.7 Chapter 12 \| Environmental Protection and Negative Externalities 279 a quantity of 40,000—and the firm’s new supply cu...
r every 10 pounds of particulates it emits. The firm has the choice of either polluting and paying the tax, or reducing the amount of particulates it emits and paying the cost of abatement as the figure shows. How much will the firm pollute and how much will the firm abate? The first 10 pounds would cost the firm $300 ...
uch, either. The advantage of market-oriented environmental tools is not that they reduce pollution by more or less, but because of their incentives and flexibility, they can achieve any desired reduction in pollution at a lower cost to society. A more productive policy would consider how to provide private landowners ...
mples are ocean fishery as opposed to fish farming, and ice trucking in Alaska as opposed to truck driving in the “lower forty-eight” states. Government regulators use estimates such as these when deciding what proposed regulations are “reasonable,” which means deciding which proposals have high enough benefits to just...
ocess when a unit of output is produced biodiversity the full spectrum of animal and plant genetic material command-and-control regulation laws that specify allowable quantities of pollution and that also may detail which pollution-control technologies one must use externality a market exchange that affects a third par...
ronmental, recreational, health, and industrial benefits.) Total Cost (in thousands of dollars) Total Benefits (in thousands of dollars) Current situation Current situation 50 150 500 1200 800 1300 1650 1900 16 million gallons 12 million gallons 8 million gallons 4 million gallons 0 gallons Table 12.8 a. Using the info...
30% 40% 40% 90% a. Sketch a graph of a production possibility frontier with environmental quality on the horizontal axis, measured by the percentage reduction of gunk, and with the quantity of economic output on the vertical axis. b. Which choices display productive efficiency? How can you tell? c. Which choices show a...
te firms in a market economy underinvest in research and technology? If a firm builds a factory or buys a piece of equipment, the firm receives all the economic benefits that result from the investments. However, when a firm invests in new technology, the private benefits, or profits, that the firm receives are only a ...
vate benefit, the level of vaccinations can increase to the socially optimal quantity of QSocial. 13.2 \| How Governments Can Encourage Innovation By the end of this section, you will be able to: • Explain the effects of intellectual property rights on social and private rates of return. Identify three U.S. Government p...
es and Public Goods taxes. To understand the defining characteristics of a public good, first consider an ordinary private good, like a piece of pizza. We can buy and sell a piece of pizza fairly easily because it is a separate and identifiable item. However, public goods are not separate and identifiable in this way. ...
istory of the human race happened in the twentieth century. The rise in life expectancy seems to stem from three primary factors. First, systems for providing clean water and disposing of human waste helped to prevent the transmission of many diseases. Second, changes in public behavior have advanced health. Early in t...
nary. Therefore why does the government provide tornado sirens, street lights and light houses but not radio stations (other than PBS stations)? This OpenStax book is available for free at http://cnx.org/content/col12170/1.7 Chapter 13 \| Positive Externalities and Public Goods 317 24. Assume that the marginal private c...
4 \| Labor Markets and Income $16 $12 $8 $4 Table 14.2 Value of the Marginal Product of Labor Note that the value of each additional worker is less than the ones who came before. Figure 14.3 Value of the Marginal Product of Labor For firms operating in a competitive output market, the value of additional output sold is ...
ployed Establishes the minimum wage, limits on child labor, and rules requiring payment of overtime pay for those in jobs that are paid by the hour and exceed 40 hours per week Allows states to decide whether all workers at a firm can be required to join a union as a condition of employment; in the case of a disruptive...
; higher for blacks than for whites or Hispanics; higher for the 45–64 age range; and higher among workers in government and manufacturing than workers in agriculture or service-oriented jobs. Table 14.6 lists the largest U.S. labor unions and their membership. Union Membership National Education Association (NEA) Serv...
d greater productivity. In fact, in some cases union workers may be more willing to accept new technology than nonunion workers, because the union workers believe that the union will negotiate to protect their jobs and wages, whereas nonunion workers may be more concerned that the new technology will replace their jobs...
designed to reduce discrimination Discrimination involves acting on the belief that members of a certain group are inferior solely because of a factor such as race, gender, or religion. There are many types of discrimination but the focus here will be on discrimination in labor markets, which arises if workers with the...
s about advertised rental units received information about 12 percent fewer units available and were shown seven percent fewer units than white renters. The $9 million study, based on research in 28 metropolitan areas, concluded that blatant “door slamming” forms of discrimination are on the decline but that the discri...
hose who express concern about immigration levels to the United States point to graphics like Figure 14.17 which shows total inflows of immigrants decade by decade through the twentieth century. Clearly, the level of immigration has been high and rising in recent years, reaching and exceeding the towering levels of the...
r Markets A firm demands labor because of the value of the labor’s marginal productivity. For a firm operating in a perfectly competitive output market, this will be the value of the marginal product, which we define as the marginal product of labor multiplied by the firm’s output price. For a firm which is not perfect...
in. 35. How would you expect immigration by primarily low-skill workers to affect American low-skilled workers? 36. What is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony? 37. Given the decline in union membership over the past 50 ye...
countries, in the mid-2000s, a substantial share of the population subsisted on less than $2/day. About half the world lives on less than $2.50 a day, and 80 percent of the world lives on less than $10 per day. (Of course, the cost of food, clothing, and shelter in those countries can be very different from those cost...
t by $0.50 for each $1.00 earned. What are the horizontal and vertical intercepts of the budget constraint line? Assume the maximum hours for work or leisure is 2,500 hours. Step 1. Determine the amount of the government guaranteed income. In this case, it is $10,000. Step 2. Plot that guaranteed income as a horizontal...
ut $76 billion, with an average monthly benefit of about $287 per person per month. SNAP participation increased by 70% between 2007 and 2011, from 26.6 million participants to 45 million. According to the Congressional Budget Office, the 2008-2009 Great Recession and rising food prices caused this dramatic rise in par...
le 15.5 Share of Aggregate Income Received by Each Fifth and Top 5% of Households, 1967–2013 (Source: U.S. Census Bureau, Table 2) It can also be useful to divide the income distribution in ways other than quintiles; for example, into tenths or even into percentiles (that is, hundredths). A more detailed breakdown can ...
supply, from S0 to S1, and the shift in demand, from D0 to D1, led to both an increase in the quantity of high-skilled labor hired and also to a rise in the wage for such labor, from W0 to W1. What factors would cause the demand for high-skilled labor to rise? The most plausible explanation is that while the explosion ...
igh levels of wealth. The Tradeoff between Incentives and Income Equality Government policies to reduce poverty or to encourage economic equality, if carried to extremes, can injure incentives for economic output. The poverty trap, for example, defines a situation where guaranteeing a certain level of income can elimin...
Infants, and Children (WIC). 15.4 Income Inequality: Measurement and Causes Measuring inequality involves making comparisons across the entire distribution of income, not just the poor. One way of doing this is to divide the population into groups, like quintiles, and then calculate what share of income each group rec...
wing annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Calculate the share of total income each quintile of this income distribution received. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bott...
Information Consider Marvin, who is trying to decide whether to buy a used car. Let’s assume that Marvin is truly clueless about what happens inside a car’s engine. He is willing to do some background research, like reading Consumer Reports or checking websites that offer information about used cars makes and models a...
e product quality. The labor market uses occupational licenses and certifications to assure competency, while the financial capital market uses cosigners and collateral as insurance against unforeseen, detrimental events. In the goods market, the seller might offer a money-back guarantee, an agreement that functions as...
. . . Health insurance Employers and individuals Medical expenses are incurred Life insurance Employers and individuals Policyholder dies Automobile insurance Individuals Car is damaged, stolen, or causes damage to others Property and homeowner’s insurance Homeowners and renters Dwelling is damaged or burglarized Liab...
ehavior. To return to the example from above, they might offer a business a lower rate on property insurance if the business installs a top-level security and fire sprinkler system and has those systems inspected once a year. Another method to reduce moral hazard is to require the injured party to pay a share of the co...
d Insurance 393 Country Health Care Spending per Person (in 2008) Male Life Expectancy at Birth, in Years (in 2012) Female Life Expectancy at Birth, in Years (in 2012) Male Chance of Dying before Age 5, per 1,000 (in 2012) Female Chance of Dying before Age 5, per 1,000 (in 2012) Canada $4,079 United Kingdom $3,129 79 7...
One example is a cap on the amount healthcare providers can spend on administrative costs. Another is a requirement that healthcare providers switch to electronic medical records (EMRs), which will reduce administrative costs. The ACA required that states establish health insurance exchanges, or markets, where people ...
ine deductibles, copayments, and coinsurance. How can 15. deductibles, coinsurance reduce moral hazard? copayments, and 16. What is the key difference between a fee-forservice healthcare system and a system based on health maintenance organizations? 17. How might adverse selection make it difficult for an insurance mar...
original source of money is the business owner. Someone who decides to start a restaurant or a gas station, for instance, might cover the startup costs by dipping into his or her own bank account, or by borrowing money (perhaps using a home as collateral). Alternatively, many cities have a network of well-todo individ...
mpany, and the Bechtel engineering and construction firm. When a firm decides to sell stock, which financial investors can buy and sell, we call it a public company. Shareholders own a public company. Since the shareholders are a very broad group, often consisting of thousands or even millions of investors, the shareho...

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