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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.
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FIRST-DEGREE PRICE DISCRIMINATION A form of price discrimination in which a seller charges the highest price that buyers are willing and able to pay for each quantity of output sold. This is also termed perfect price discrimination because the seller is able to extract ALL consumer surplus from the buyers. This is one of three price discrimination degrees. The others are second-degree price discrimination and third-degree price discrimination.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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GARP
Generalized Axioms of Revealed Preference
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