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LERNER INDEX: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The Lerner index is usually taken as an indicator of market power because the larger the index, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The Lerner index depends on the elasticity of demand. The Lerner index is also called the price-cost margin.
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RESOURCE QUALITY, AGGREGATE SUPPLY DETERMINANT One of three categories of aggregate supply determinants assumed constant when the short-run or long-run aggregate supply curves are constructed, and which shifts both aggregate supply curves when it changes. An increase in a resource quality causes an increase (rightward shift) of both aggregate supply curves. A decrease in a resource quality causes a decrease (leftward shift) of both aggregate supply curves. The other two categories of aggregate supply determinants are resource quantity and resource price. Specific determinants falling into this general category include education and technology. Anything affecting the quality of labor, capital, land, and entrepreneurship is also included.
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for a thesaurus filled with typos.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world." -- Anne Frank
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IDA
International Development Association
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