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PLANNING CURVE: Another term for the long-run average cost curve (LRAC). Using the name planning curve indicates that the long-run average cost curve is used to "making plans" especially concerning the desired scale of operations of a firm. That is, in the long run a firm will seek the plant size that maximizes long-run profit by equating long-run marginal cost and marginal revenue. It will then pick out the appropriate plant size off the long-run average cost with the minimum short-run average total cost.
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SUPPLY SHOCK A disruption of market equilibrium caused by a change in a supply determinant and a shift of the supply curve. A supply shock can take one of two forms--a supply increase or a supply decrease. This is one of two disruptions of the market. The other is a demand shock.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store seeking to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for poorly written technical manuals.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Unless you are willing to drench yourself in your work beyond the capacity of the average man, you are just not cut out for positions at the top." -- J. C. Penney, Retailer
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AEA
American Economic Association
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