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MC: The abbreviation for marginal cost, which is the change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost indicates how much total cost changes for a give change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (remember total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. Marginal cost is found by dividing the change in total cost (or total variable cost) by the change in output.
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IMPLICIT COLLUSION Seemingly independent, but parallel, actions among competing firms (mostly oligopolistic firms) in an industry designed to control the market, raise the price, and otherwise act like a monopoly. Also termed tacit collusion, the distinguishing feature of implicit collusion is the lack of any explicit agreement. This is one of two types of collusion. The other is explicit or overt collusion, which involves an explicit agreement.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for gnomes hiding in cypress trees.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"The difference between the impossible and the possible lies in a person's determination. " -- Tommy Lasorda
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PI
Personal Income
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