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RULE OF CONSUMER EQUILIBRIUM: A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratio for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.
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COST-PUSH INFLATION Inflation of the economy's average price induced by decreases in aggregate supply that result from increases in production cost. This type of inflation occurs when the cost of using any of the four factors of production (labor, capital, land, or entrepreneurship) increases such that aggregate supply cannot satisfy aggregate demand. The alternative type of inflation is demand-pull inflation.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for small children selling products door-to-door.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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MTN
Multilateral Trade Negotiations
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