|
|
INCOME EFFECT: One of two reasons for the law of demand and the negative slope of the market demand curve (the other is the substitution effect). The income effect results because a change in price gives buyers more real income, or the purchasing power of the income, even though money or nominal income remains the same. This causes changes in the quantity demanded of the good.
Visit the GLOSS*arama
|
|
|
|
|
CONSTANT-COST INDUSTRY A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.
Complete Entry | Visit the WEB*pedia |
|
|
BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
|
|
|
In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
|
|
|
"What gets measured gets done." -- Peter Drucker, educator
|
|
CAR
Cumulative Average Return
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
