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LONG-RUN INDUSTRY SUPPLY CURVE: The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry as completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities the reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths: increasing, decreasing, and constant. These three adjustment paths indicate an increasing-cost industry, decreasing-cost industry, and constant-cost industry, respectively.
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ELASTICITY ALTERNATIVES Five categories of elasticity that form a continuum indicating the relative responsiveness of a change in one variable (usually quantity demanded or quantity supplied) to a change in another variable (usually price). These five alternatives--perfectly elastic, relatively elastic, unit elastic, relatively inelastic, and perfectly inelastic--are most often used to categorize the price elasticity of demand and the price elasticity of supply.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for jovial bank tellers.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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