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NOMINAL PRODUCTION: The market value of all production measured in current, actual prices. Nominal production is typically measured with nominal GDP.

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CONSTANT-COST INDUSTRY

A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.

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APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for rusty deck screws.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Everyone is bound to bear patiently the results of his own example. "

-- Phaedrus, Philosopher

SIC
Standard Industrial Classification
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