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LONG-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product, financial, and resource markets are in equilibrium simultaneously. This condition is made possible by flexible wages and prices and is represented by the intersection of the AD (aggregate demand) curve and the LRAS (long-run aggregate supply) curve.
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MARGINAL COST The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost (MC) indicates how much total cost changes for a given change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. It is found by dividing the change in total cost (or total variable cost) by the change in output. Marginal cost is one of four cost concepts used in short-run production analysis. The other three are average total cost, average fixed cost, and average variable cost.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at a going out of business sale seeking to buy either a 50 foot extension cord or a combination CD player, clock radio, and telephone (with answering machine). Be on the lookout for malfunctioning pocket calculators.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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QML
Quasi-Maximum Likelihood
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