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INCREASING-COST INDUSTRY: A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. For an increasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift upward, which increases the minimum efficient scale of production.
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RATIONAL ABSTENTION The decision NOT to do something (such as vote in an election) because the cost of taking the action is more than the expected benefit. The rational decision to refrain from an endeavor is a straightforward application of utility maximization and along with the related notion of rational ignorance, is a source of voter apathy and government inefficiency.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"Anyone who has never made a mistake has never tried anything new. " -- Albert Einstein, physicist
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WPO
Weakly Pareto Optimal
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