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PREDATORY PRICING: The process in which a firm with market control reduces prices below average total cost with the goal of forcing competitors into bankruptcy. This practice is most commonly undertaken by oligopoly firms seeking to expand their market shares and gain greater market control. Predatory price has been outlawed by antitrust laws, but it can be difficult to prove, and is thus likely exists more than most people think.
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RETURNS TO SCALE Changes in production the occur when all resources are proportionately changed in the long run. Returns to scale come in three forms--increasing, decreasing, or constant based on whether the changes in production are proportionally more than, less than, or equal to the proportional changes in inputs. Returns to scale are the guiding principle for long-run production, playing a similar role that the law of diminishing marginal returns plays for short-run production.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for broken fingernail clippers.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"There's only one corner of the universe you can be certain of improving and that's your own self. " -- Aldous Huxley, writer
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DOL
Department of Labor
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