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SHUTDOWN RULE, MONOPOLY: The marginal revenue and marginal cost approach to analyzing a monopoly firm's short-run production decision can be used to identify circumstances in which a firm minimizes losses by shutting down production in the short run. If the market price falls below average total cost, it must decide if the economic loss from producing the quantity of output that equates marginal revenue and marginal cost is more or less than the economic loss incurred with shutting down production in the short run (which is equal to total fixed cost).
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a genuine down-filled comforter or a 200-foot blue garden hose. Be on the lookout for neighborhood pets, especially belligerent parrots.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The best way to cheer yourself up is to try to cheer somebody else up." -- Mark Twain
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NPV
Net Present Value
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