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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION: A curve that graphically represents the relation between marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. The marginal revenue curve reflects the degree of market control held by a firm. For a monopolistically competitive firm with some market control, but not a whole lot, the marginal revenue curve is negatively-sloped but relatively elastic.
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DISEQUILIBRIUM, LONG-RUN AGGREGATE MARKET The state of the aggregate market in which real aggregate expenditures are NOT equal to full-employment real production, which results in an imbalance that induces a change in the price level and aggregate expenditures. In other words, the opposing forces of aggregate demand (the buyers) and aggregate supply (the sellers) are out of balance. At the existing price level, either the four macroeconomic sectors (household, business, government, and foreign) are unable to purchase all of the real production that they seek or producers are unable to sell all of the full-employment real production that they have.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slightly overweight pizza delivery guys.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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APC
Average Propensity to Consume
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