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SHORT-RUN PRODUCTION ALTERNATIVES: A firm faces three production options in the short run based on a comparison between price, average total cost, and average variable cost. If price is greater than average total cost, a firm earns an economic profit by producing the quantity that equates marginal revenue with marginal cost. If price is less than average total cost but greater than average variable cost, a firm incurs an economic loss, but produces the quantity that equates marginal revenue with marginal cost. If price is less than average variable cost, a firm shuts down production in the short run, incurring an economic loss equal to total fixed cost.
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VOTING PROBLEMS Voting is a key source of government inefficiency because it can fail to provided leaders with a valid indication of society's preferences. Part of the inefficiency rests with utility-maximizing decisions of the voters, who choose rational ignorance (not to be informed) and rational abstention (not to participate), both of which lead to voter apathy and influential special interest groups. Part of the inefficiency rests with the voting process, which results in importance of the median voter, inconsistency of the voting paradox, and logrolling (vote-trading ) among voters.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for slightly overweight pizza delivery guys.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Most battles are won before they are ever fought." -- General George Patton
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APC
Average Propensity to Consume
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