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SELLERS' EXPECTATIONS: One of the five supply determinants assumed constant when a supply curve is constructed, and that shift the supply curve when they change. The other four are resource prices, technology, other prices, and number of sellers. If sellers expect the future price will be greater, then they're likely to sell less today, to take advantage of the higher future price. Alternatively, if sellers expect a lower future price, then they're likely to sell more today, hoping to avoid the lower price. A higher future price induces an decrease in supply and a lower future price induces a increase in supply.
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AVERAGE REVENUE CURVE A curve that graphically represents the relation between average revenue received by a firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a firm's output. The average revenue curve for a firm with no market control is horizontal. The average revenue curve for a firm with market control is negatively sloped.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Nothing is a waste of time if you use the experience wisely. " -- Auguste Rodin, Sculptor
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NIPA
National Income and Product Accounts
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