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LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.
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OTHER PRICES, SUPPLY DETERMINANT The prices of other goods that influence the decision to sell a particular good, which are assumed constant when a supply curve is constructed. Other prices can be for goods that are either substitutes-in-production or complements-in-production. This is one of five supply determinants that shift the supply curve when they change. The other four are resource prices, production technology, sellers' expectations, and number of sellers.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for a thesaurus filled with typos.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"My future starts when I wake up every morning . . . Every day I find something creative to do with my life. " -- Miles Davis, musician
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TC
Total Cost
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