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PHENOMENON: An event or action that is subject to investigation using the scientific method. Phenomena are the sorts of things that science seeks to explain. While the term phenomenon might entice thoughts of UFOs, ghosts, and three-headed turtles, it really just means things that happen, both usual and unusual. The reason for explaining the unusual AND the commonplace is that the scientific method seeks to develop universal theories, with laws and principles that explain all events, not just unexpected ones.
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MARGINAL REVENUE CURVE A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either several magazines on computer software or a T-shirt commemorating the second moon landing. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world. " -- Anne Frank, diarist
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LIML
Limited Information Maximum Likelihood
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