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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.
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INFORMATION SEARCH The decision to seek out or produce information based on a comparison of the cost of acquiring the information and the benefit obtained from the information. Efficient information search is achieved with a equality between the marginal cost of search and the marginal benefit of search. Because the marginal cost of search is invariably greater than zero, search effort stops short of acquiring complete information.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Difficulties mastered are opportunities won. " -- Winston Churchill, Statesman
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SPSS
Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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