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INSTITUTION: An established method or way of doing something that's widely accepted throughout society. Common institutions include marriage, markets, high school football in the fall, government, and Christmas gift-giving. Institutions provide the rules and guidelines needed to carry out the day-to-day activities of our lives. Institutions provide the crucial structure of a society and the framework within which economic activity takes place. Without institution structure, anarchy would prevail. With the rules, though, come rigidities that can prevent resources from being allocated efficiently.
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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for fairy dust that tastes like salt.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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PPC
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