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BREAKEVEN OUTPUT: The quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but no economic profit. Breakeven output can be identified by the intersection of the total revenue curve and total cost curve, or by the intersection of the average total cost curve and average revenue curve. The most straightforward way of noting breakeven output, however, is with the profit curve. For a perfectly competitive firm breakeven output occurs where price is equal to average total cost.
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INFLATIONARY GAP The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a remote controlled ceiling fan or a how-to book on home decorating. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle
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LTFV
Less Than Fair Value
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