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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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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for jovial bank tellers.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Kites rise highest against the wind, not with it. " -- Winston Churchill, British prime minister
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