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MARGINAL UTILITY CURVE: A curve illustrating the relationship between the marginal utility obtained from consuming a good and the quantity of the good consumed. The marginal utility curve can be used to derived the demand curve, which is discussed in detail in the entry on marginal utility and demand. If you've nothing better to do for the moment, let's derive a marginal utility curve.
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IMPACT LAG The time lag that occurs between the implementation of a government policy designed to correct an economic problem and the complete impact of the policy. The impact lag is based on the multiplier process and can last up to a year or two or even longer. This "outside lag" is one of four policy lags associated with monetary and fiscal policy. The other three "inside lags" are recognition lag, decision lag, and implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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LRTC
Long Run Total Cost
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