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DEMAND SHOCK: A disruption of market equilibrium (that is, a market adjustment) caused by a change in a demand determinant and a shift of the demand curve. A demand shock can take one of two forms--an Demand Increase or a Demand Decrease. An increase in demand is seen as a rightward shift of the demand curve and results in an increase in equilibrium quantity and an increase in equilibrium price. A decrease in demand is a leftward shift of the demand curve and results in a decrease in equilibrium quantity and a decrease in equilibrium price.
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DISECONOMIES OF SCALE Increasing long-run average cost that occurs as a firm increases all inputs and expands its scale of production. Diseconomies of scale result from decreasing returns to scale and are graphically illustrated by a positively-sloped long-run average cost curve. Diseconomies of scale usually occur for relatively large levels of production and overwhelm economies of scale that occurs at relatively small production levels. Together, economies of scale and diseconomies of scale create a U-shaped long-run average cost curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a T-shirt commemorating last Friday (you know why) or a rotisserie oven that can also toast bread. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The greatest use of life is to spend it for something that will outlast it." -- William James, psychologist
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DOT
Department of the Treasury
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