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ECONOMIC RENT: The difference between the payment received by a resource owner and the opportunity cost of the resource. This is the payment received by a resource owner over and above the minimum needed to produce a good. Many resource owners are able to extract a portion of the economic profit generated by a business as a economic rent.
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PERFECT COMPETITION, LONG-RUN ADJUSTMENT A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for infected paper cuts.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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AOM
Australian Options Market
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