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LONG RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable. The long run is primarily used to analyze production decisions for a firm and is also referred to as the planning horizon. The long run is a period of time in which a business can change the quantities of ALL resource inputs--labor, capital, land, and entrepreneurship. Nothing is fixed. If your factory is to small, well then, build a bigger one. The long-run analysis of production is used to better understand economies of scale, diseconomies of scale, and long-run market supply.
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MARGINAL UTILITY CURVE A curve illustrating the relation between the marginal utility obtained from consuming an additional unit of good and the quantity of the good consumed. The negative slope of the marginal utility curve reflects the law of diminishing marginal utility. The marginal utility curve also can be used to derived the demand curve.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for a thesaurus filled with typos.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
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CIF
Cost, Insurance, Freight
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