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HOMOGENEOUS PRODUCT: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a product can not be identified from the product itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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SLTX
Sales Tax
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