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ARBITRAGE: Buying something in one market then immediately (or as soon as possible) selling it in another market for (hopefully) a higher price. Arbitrage is a common practice in financial markets. For example, an aspiring financial tycoon might buy a million dollars worth of Japanese yen in the Tokyo foreign exchange market then resell it immediately in the New York foreign exchange market for more than a million dollars. Arbitrage of this sort does two things. First, it often makes arbitragers wealthy. Second, it reduces or eliminates price differences that exist between two markets for the same good.
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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Always remember that striving and struggle precede success, even in the dictionary. " -- Sarah Ban Breathnach, writer
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FXA
Foreign Exchange Agreement
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