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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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INFLATION RATE The percentage change in the price level from one period to the next. The inflation rate is most commonly presented as an annual average, the percentage change in the average price level from one year to the next. The two most common price indexes used to measure the price level and the inflation rate are the Consumer Price Index (CPI) and the GDP price deflator. The inflation rate is one of several key indicators of business-cycle instability and the overall health of the macroeconomy, with primary focus on tracking the goal of price stability.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for cardboard boxes.
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The average length of a "business lunch" is about 36 minutes.
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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Tokyo Stock Exchange
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