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INELASTIC SUPPLY: Relatively large changes in supply price cause relatively smaller changes in quantity supplied. Inelastic supply means that changes in the quantity supplied are not very responsive to changes in the supply price. An inelastic supply has a coefficient of elasticity less than one. You might want to compare inelastic supply to elastic supply, inelastic demand, and elastic demand.
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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between average revenue received by a monopolistically competitive 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 monopolistically competitive firm's output.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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ACBS
Accrediting Commission for Business Schools
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