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LONG-RUN MARGINAL COST: The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.
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RISK POOLING The process of combining the risks facing individuals into larger groups. This process can be used effectively to transfer individual risks to the entire group. This makes it possible to calculated the risk for the group. Risk pooling is the standard technique that enables the provision of insurance services.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for letters from the Internal Revenue Service.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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RONA
Return on Net Assets
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