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IMPLICIT LOGROLLING: A type of voter logrolling in which two separate programs or policies are combined into a single package, which is then subject to a single vote. With implicit logrolling, each voter is "on record" only for the entire package and thus can contend that a vote was cast only for "their" favored program. Implicit logrolling is commonly used by legislators to trade votes without appearing to trade votes. Legislators can come out in support of "their" programs, while simultaneously being against "other" programs, even though they actually voted for the "other" programs by voting for "their" programs, but they didn't really want to vote for the "other" programs and only voted for the "other" programs to ensure passage of "their" programs. An alternative type of logrolling is explicit logrolling.
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AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store looking to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. 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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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. " -- Dale Carnegie
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LRMC
Long Run Marginal Cost
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