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MARGINAL REVENUE: The change in total revenue resulting from a change in the quantity of output sold. For a perfectly competitive firm, marginal revenue is equal to price.
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CONSUMER SURPLUS The satisfaction that consumers obtain from a good over and above the price paid. This is the difference between the maximum demand price that buyers are willing to pay and the price that they actually pay. A related notion from the supply side of the market is producer surplus.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for infected paper cuts.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"It is not the mountain we conquer, but ourselves. " -- Sir Edmund Hillary, Explorer
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NE
Nash Equilibrium
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