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MARSHALLIAN CROSS: The standard market diagram, so beloved by undergraduate economics students, with price measured on the vertical axis and quantity measured on the horizontal axis, that presents the law of demand as a downward-sloping demand curve and the law of supply as an upward-sloping supply curve. The derivation of this name comes from it's creator, Alfred Marshall, and that market equilibrium is achieved where the demand and supply curves intersect, or "cross."
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for poorly written technical manuals.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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AOQL
Average Outgoing Quality Limit
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