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WILLINGNESS TO ACCEPT: The price or dollar amount that someone is willing to receive or accept to give up a good or service. Willingness to accept is the source of the supply price of a good. However, unlike supply price, in which sellers are on the spot of actually giving up a good to receive payment, willingness to accept does not require an actual exchange. This concept is important to benefit-cost analysis, welfare economics, and efficiency criteria, especially Kaldor-Hicks efficiency. A related concept is willingness to pay.
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PERFECT COMPETITION, MARGINAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for a thesaurus filled with typos.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"If we all did the things we are capable of doing, we would literally astound ourselves." -- Thomas Edison
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NEDO
National Economic Development Office
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