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LONG-RUN INDUSTRY SUPPLY CURVE: The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry as completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities the reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths: increasing, decreasing, and constant. These three adjustment paths indicate an increasing-cost industry, decreasing-cost industry, and constant-cost industry, respectively.
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DATA Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for mail order catalogs with hidden messages.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Life is a promise; fulfill it. " -- Mother Teresa, humanitarian
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MSCI
Morgan Stanley Capital Index
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