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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a small, foam rubber football or an instructional DVD on learning to the play the oboe. Be on the lookout for cardboard boxes.
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In the early 1900s around 300 automobile companies operated in the United States.
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"When your values are clear to you, making decisions becomes easier. " -- Roy Disney, executive
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MP
Marginal Product
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