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DEMERIT GOOD: A good that society, usually government, deems is overvalued by consumers in normal market exchanges. As such, governments typically restrict the consumption of demerit goods through policies such as taxes or direct government control. Demerit goods are often have characteristics of quasi-public goods or externality by-products. Examples include tobacco and narcotic drugs. The counter type of good is a merit good.
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CONSUMER EQUILIBRIUM The condition that exists when the last dollar spent on one good provides the same marginal utility as the last dollar spent on every other good. In consumer equilibrium, income is allocated between the purchase of different goods in such a way that the level of utility cannot be increased, that is, utility maximization has been achieved.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"In a decisive set, confidence is the difference. " -- Chris Evert, tennis champion
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RMS
Real Market Share
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