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ECONOMIES OF SCALE: Declining long-run average cost that occurs as a firm increases all inputs and expands its scale of production. This is graphically illustrated by a negatively-sloped long-run average cost curve and typically occurs for relatively small levels of production. Economies of scale are then overwhelmed by diseconomies of scale for relatively large production levels. Together, economies of scale and diseconomies of scale cause the long-run average cost curve to be U-shaped.
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AUCTION A formal market exchange in which prospective buyers make bids to purchase a commodity. An auction is an effective way of exchanging commodities by bringing together buyers and sellers. Auctions are commonly used to exchange financial instruments, agricultural commodities, personal assets, and works of art. Three notable types of auctions are English, Dutch, and sealed-bid.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for gnomes hiding in cypress trees.
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"Well done is better than well said. " -- Benjamin Franklin, statesman, inventor
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Quantitative Restriction
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