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DECREASING-COST INDUSTRY: A perfectly competitive industry with a negatively-sloped long-run industry supply curve that results because expansion of the industry causes lower production cost and resource prices. For a decreasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift downward, which decreases the minimum efficient scale of production.
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IMPORT QUOTAS Quantity restrictions imposed by the government of one nation on imports from other nations. The primary goal of import quotas is to reduce imports and increase domestic production. Because the quantity of imports is restricted, the price of imports increases, which thus encourages domestic consumers to buy more domestic production. Import quotas are one of three common foreign trade policies designed to discourage imports and/or encourage exports. The other two are tariffs and export subsidies.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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LSE
London Stock Exchange
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