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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.
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FACTOR MARKET, EFFICIENCY A factor market achieves efficiency in the allocation of resources by equating marginal revenue product to factor price. Perfect competition, as the efficiency benchmark, is the only market structure to satisfy this criterion and achieve factor market efficiency. Monopsony, oligopsony, and monopsonistic competition are inefficient because they equate marginal revenue product to marginal factor cost, both of which are greater than factor price.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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The average length of a "business lunch" is about 36 minutes.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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ECU
European Currency Unit
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