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MARKET-CLEARING PRICE: The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clear price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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MARGINAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads wanting to buy either a replacement remote control for your television or a replacement nozzle for your shower. Be on the lookout for the happiest person in the room.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"There are two big forces at work, external and internal. We have very little control over external forces such as tornadoes, earthquakes, floods, disasters, illness and pain." -- Leo Buscaglia, Author
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RGDP
Real Gross Domestic Product
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