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USER CHARGE: A tax that's disguised as a price--a charge for the use of a publicly provided good. Government produces and supplies a number of near-public goods, like education, libraries, parks, and transportation systems. The "prices" for these goods are user charges. The logic is that people who benefit from the good and are willing to pay, should pay for them. While this helps pay production costs, it tends to be inefficient.
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LONG-RUN INDUSTRY SUPPLY CURVE The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for small children selling products door-to-door.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"I shall do less whenever I shall believe what I am doing hurts the cause and I shall do more whenever I shall believe doing more will help the cause. I shall try to correct errors when shown to be errors and I shall adopt new views so fast as they shall appear to be true views. " -- Abraham Lincoln, 16th US president
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LIML
Limited Information Maximum Likelihood
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