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HYPOTHESIS: A reasonable proposition about the workings of the world that's inspired or implied by a theory and which may or may not be true. An hypothesis is essentially a prediction made by a theory that can be compared with observations in the real world. Hypotheses usually take the form: "If A, the also B." The essence of the scientific method is to test, or verify, hypotheses against real world data. If supported by data over and over again, hypotheses become principles.
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PERFECT COMPETITION, LONG-RUN ADJUSTMENT A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for high interest rates.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Believe and act as if it were impossible to fail." -- Charles F. Kettering
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GNP
Gross National Product
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