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INCOME-PRICE MODEL: An economic model relating the price level (the price part) and real production (the income part) that is used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The income-price model, inspired by the standard market model, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers).
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MARGINAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the marginal revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because a monopolistically competitive firm is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopolistically competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for deranged pelicans.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. " -- Andrew Carnegie, industrialist
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ISMA
International Securities Market Association
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