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GAME THEORY: An analysis that illustrates how choices between two plays affect the outcome of a "game." Game theory is commonly used in economics to illustrate interdependent decision-making among oligopoly firms. It illustrates that one firm makes a decision based on the decision expected from the other firm. One key conclusion from the game theory analysis is that firms often make decisions that are "second best" or the "lesser of two evils." The classic example of such a decision is the prisoners' dilemma, in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment.
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INCREASING-COST INDUSTRY A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. An increasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift upward, which increases the minimum efficient scale of production.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"A man is not finished when he is defeated. He is finished when he quits. " -- President Richard Nixon
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OPEC
Organization of Petroleum Exporting Countries
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