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FARM PROBLEM: The short-run situation in which weather variability creates large fluctuations in farm prices, combined with the long-run situation in which technological advances increase production capabilities even though the demand for agricultural production declines relative to the growth of the overall economy. Taken together these two situations lead to highly unstable farm incomes that tend to decline over time. The solution to this problem has been significant government intervention in the agricultural industry, especially through assorted subsidies and price floors.
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MARGINAL COST OF SEARCH The incremental cost incurred by additional search effort is the marginal cost of search. Marginal cost of search, also termed marginal search cost, is comparable to marginal cost of short-run production analysis. Marginal cost of search increases with an increase in search effort and is represented by the marginal cost of search curve. This is one half of the efficient information search decision. The other is marginal benefit of search.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius looking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"In order to create there must be a dynamic force, and what force is more potent than love." -- Igor Stravinsky, violinist
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RPI
Retail Price Index
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