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COLLUSION: A usually secret agreement among competing firms (mostly oligopolistic firms) in an industry to control the market, raise the market price, and otherwise act like a monopoly. The reason for the secrecy is that such behavior is illegal in the United States under antitrust laws. Collusion is a characteristic trait of oligopolistic industries. Intense competition and interdependent decision-making encourages oligopolistic firms to cooperate. One way to lessen the competition among an oligopolistic rival is to join forces through collusion. (The other way is through merger, but that's another entry.)
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MARGINAL REVENUE PRODUCT The change in total revenue resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal revenue product, usually abbreviated MRP, is found by dividing the change in total revenue by the change in the variable input or by multiplying marginal physical product by marginal revenue. This is also termed value of the marginal product. Marginal revenue product is a key concept for understanding the demand for productive inputs.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for broken fingernail clippers.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference." -- Mark Victor Hansen
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QLR
Quasi-Likelihood Ratio
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