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PERFECT COMPETITION, REVENUE DIVISION: The marginal approach to analyzing a perfectly competitive firm's short-run profit maximizing production decision can be used to identify the division of total revenue among variable cost, fixed cost, and economic profit. The U-shaped cost curves used in this analysis provide all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue and marginal revenue curves) provides all of the information needed on the revenue side.
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MERGER The consolidation of two or more separately-owned businesses under single ownership. Mergers fall into one of three classes--(1) horizontal between firms that sell competing products in the same market, (2) vertical between firms in different stages of the production of one good, and (3) conglomerate between firms that are in separate industries. Because horizontal mergers tend to reduce competition, they are most likely to be scrutinized by government. Mergers are one of several behavioral inclinations of oligopoly. A related oligopolistic behavior is collusion.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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CAP
Common Agricultural Policy
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