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INELASTIC: In general, if changes in variable A cause changes in variable B, then the relative change in B is less than the relative change in A. In other words, large changes in variable A cause relatively smaller changes in variable B. An inelastic relationship between two variables is not a very responsive, or stretchable, relationship. You should compare inelastic with elastic.
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LONG-RUN INDUSTRY SUPPLY CURVE The relation between market price and the quantity supplied by all firms in a perfectly competitive industry after the industry has completed its long-run adjustment. The long-run industry supply curve effectively traces out a series of equilibrium prices and quantities that reflect long-run adjustments of a perfectly competitive industry to demand shocks. This long-run adjustment can take one of three paths, indicating an increasing-cost industry, a decreasing-cost industry, and a constant-cost industry.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for attractive cable television service repair people.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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NAG
Net Annual Gain
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