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INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.
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VARIABLE COST In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors 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 the happiest person in the room.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Life is not a 'brief candle.' It is a splendid torch that I want to make burn as brightly as possible before handing it on to future generations. " -- Bernard Shaw, journalist
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EFTA
European Free Trade Association
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