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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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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for celebrities who speak directly to you through your television.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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DTI
Department of Trade and Industry (UK)
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