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FEDERAL INSURANCE CONTRIBUTIONS ACT: Commonly abbreviated FICA, this act passed in 1939 established payroll deductions from wage-earning employees and the employers for the Social Security system. This is the noted Social Security tax that wage earners pay and which is then used to provide Social Security benefits to the elderly, disable, and qualified dependents.

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MARGINAL REVENUE, MONOPOLISTIC COMPETITION

The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a monopolistically competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a monopolistically competitive firm equates marginal revenue and marginal cost.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for door-to-door salesmen.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
"To understand a man, you must know his memories. The same is true of a nation."

-- Anthony Quayle, Actor

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Association of Business Executives
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