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INEFFICIENCY: When the economy is NOT obtaining the highest level of consumer satisfaction from the available resources. Inefficiency occurs if it is possible to reallocate resources in a way that would generate greater satisfaction.
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PERFECT COMPETITION, MARGINAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Each of us is issued but one life, and we know full well how it all ends. It would be regrettable to squander this one chance on someone else's appearance, someone else's experience. " -- Joseph Brodsky, Writer
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MFC
Marginal Factor Cost
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