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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.
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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for the happiest person in the room.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"There's only one way to succeed in anything, and that is to give everything. " -- Vince Lombardi
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BOP
Balance of Payments
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