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UNEMPLOYMENT COMPENSATION: A system of government sponsored insurance, created by the Social Security Act (1935), that provides benefits to unemployed workers. Funding is obtained by taxes on employers. The system is mandated by the federal government, but operated by each state. As such, the amount and duration of the benefits differ from state to state.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Only great minds can afford a simple style." -- Stendhal, writer
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LOCH
London Options Clearing House
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