|
|
INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.
Visit the GLOSS*arama
|
|
|
|
|
PERFECT COMPETITION, LOSS MINIMIZATION A perfectly competitive firm is presumed to produce the quantity of output that minimizes economic losses, if price is greater than average variable cost but less than average total cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
Complete Entry | Visit the WEB*pedia |
|
|
WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for telephone calls from former employers.
Your Complete Scope
This isn't me! What am I?
|
|
|
Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
|
|
|
"I not only use all the brains that I have, but all that I can borrow. " -- Woodrow Wilson, 28th US president
|
|
CBOE
Chicago Board Options Exchange
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
