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DEMOGRAPHIC TRANSITION: A transition experienced by most, if not all, developed countries in which the birth rate and death rate both decline from relatively high levels to relatively low levels. However, because the death rate tends to decline first, often preceding the decline in the birth rate be several decades, the rate of population growth increases. In some cases the rate of population growth can be so high that it circumvents further develop and prevents or postpones the completion of the demographic transition.
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PERFECT COMPETITION, DEMAND The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a weathervane with a chicken on top or a flower arrangement with daisies and carnations for your uncle. Be on the lookout for defective microphones.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Laughter is the shortest distance between two people. " -- Victor Borge, musician, humorist
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MRP
Marginal Revenue Product
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