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KITCHIN CYCLE: A cycle of economic activity lasting between 3 and 5 years that acquired the name of the first economist to study it, Joseph Kitchin. The Kitchin cycle is attributed to investment in inventories (especially for consumer goods). It is the one that is commonly at work when people are concerned with business-cycle contractions. This is also one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Juglar cycle, Kuznets cycle, and Kondratieff cycle.
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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads hoping to buy either a bookshelf that will fit in your closet or a birthday greeting card for your grandfather. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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RJE
RAND Journal of Economics
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