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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.
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ASSUMPTION An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a flower arrangement for that special day for your mother or a New York Yankees baseball cap. Be on the lookout for defective microphones.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Opportunities are usually disguised as hard work, so most people don't recognize them." -- Ann Landers, columnist
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