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LONG-RUN EQUILIBRIUM, MONOPOLISTIC COMPETITION: Relative freedom of entry and exit ensures that, in the long run, every firm in a monopolistically competitive industry earns exactly a normal profit, receiving neither an economic profit, nor incurring an economic loss. This result is achieved because entry and exit affects the market supply curve, which affects the overall market price, each firm's demand curve, and the range or prices it can charge. Each firm's demand curve adjusts until the profit-maximizing price is exactly equal to average total cost (both short run and long run).
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SERVICES, CONSUMPTION Personal consumption expenditures on activities that provide direct satisfaction of wants and needs without the production of tangible goods. Common examples are information, entertainment, and education. This is one of three categories of personal consumption expenditures in the National Income and Product Accounts maintained by the Bureau of Economic Analysis. The other two are durable goods and nondurable goods. Services are about 60 percent of personal consumption expenditures and 40 percent of gross domestic product.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials wanting to buy either several magazines on fashion design or a package of 3 by 5 index cards, the ones without lines. Be on the lookout for a thesaurus filled with typos.
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This isn't me! What am I?
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"All things are difficult before they are easy." -- Thomas Fuller, Physician
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FMV
Fair Market Value
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