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LABOR-LEISURE TRADEOFF: The perpetual tradeoff faced by human beings between the amount of time spent engaged in wage-paying productive work and satisfaction-generating leisure activities. The key to this tradeoff is a comparison between the wage received from working and the amount of satisfaction generated from leisure. Such a comparison generally means that a higher wage entices people to spend more time working, which entails a positively sloped labor supply curve. However, the backward-bending labor supply curve results when a higher wage actually entices people to work less and to "consume" more leisure time.
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MONOPOLISTIC COMPETITION, LONG-RUN ADJUSTMENT A monopolistically competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each monopolistically competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is two equilibrium conditions--one for profit maximization, the other for zero economic profit.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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ARP
Average Revenue Product
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