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LONG-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product, financial, and resource markets are in equilibrium simultaneously. This condition is made possible by flexible wages and prices and is represented by the intersection of the AD (aggregate demand) curve and the LRAS (long-run aggregate supply) curve.
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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a 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 firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a replacement nozzle for your shower or a decorative windchime with plastic . Be on the lookout for vindictive digital clocks with revenge on their minds.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The greatest use of life is to spend it for something that will outlast it." -- William James, psychologist
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Osaka Securities Exchange (Japan)
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