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SELLERS' EXPECTATIONS: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are resource prices, technology, other prices, and number of sellers. If sellers expect the future price will be greater, then they're likely to sell less today, to take advantage of the higher future price. Alternatively, if sellers expect a lower future price, then they're likely to sell more today, hoping to avoid the lower price. A higher future price induces an decrease in supply and a lower future price induces a increase in supply.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for poorly written technical manuals.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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NI
National Income, Net Income
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