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LONG-RUN MARGINAL COST CURVE: A graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.
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REAL GROSS DOMESTIC PRODUCT The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. A contrasting measure is nominal gross domestic product, which does not adjust for inflation.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for small children selling products door-to-door.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Only great minds can afford a simple style." -- Stendhal, writer
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BOJ
Bank of Japan
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