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LONG-RUN MARGINAL COST CURVE: A graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.
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MARKET SOCIALISM A type of economy, or economic system, based on--(1) government, rather than individual, ownership of many resources, especially those like heavy manufacturing, energy reserves, widely used raw materials (lumber, steel), and transportation systems, that are deemed critical to the operation of the economy; (2) answering three questions of allocation with a combination of central planning by government and decentralized decision-making by individual factories and the owners of non-critical resources; (3) the limited use of markets to exchange farm products and retail consumer goods; (4) economic and monetary incentives, such as bonuses, paid to the workers of government-owned facilities to encourage efficiency and increased productivity.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"It is the mark of an educated mind to be able to entertain a thought without accepting it." -- Aristotle
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AP
Average Product
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