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HORIZONTAL EQUITY: A system of taxes that treats equal people equally. In other words, if you make the same income as someone else and pay the same personal income taxes, then you have horizontal equity.

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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. A decreasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift downward, which decreases the minimum efficient scale of production.

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Today, you are likely to spend a great deal of time at an auction seeking to buy either a rechargeable flashlight or storage boxes for your computer software CDs. Be on the lookout for cardboard boxes.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
"Divide each difficulty into as many parts as is feasible and necessary to resolve it."

-- Rene Descartes

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