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INFLEXIBLE PRICES: The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible (also termed rigid or sticky) prices are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling somewhere in between.
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PERFECT COMPETITION, PROFIT MAXIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that maximizes economic profit--the difference between total revenue and total cost. This production decision can be analyzed directly with economic profit, by identifying the greatest difference between total revenue and total cost, or by the equality between marginal revenue and marginal cost.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a wall poster commemorating last Friday (you know why) or a country wreathe. Be on the lookout for defective microphones.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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L/O
Letter of Offer
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