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LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.
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AGGREGATE EXPENDITURES EQUATION An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either an electric coffee pot with automatic shutoff or a brown leather attache case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Being defeated is only a temporary condition; giving up is what makes it permanent." -- Marilyn vos Savant, Author
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OCC
Options Clearing Corporation
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