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TOTAL REVENUE, PERFECT COMPETITION: The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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DISEQUILIBRIUM PRICE A price that does not achieve equilibrium in the market. A disequilibrium price is either above or below the equilibrium price. A price below the equilibrium price creates a shortage and a price above the equilibrium price creates a surplus. In both case, the market imbalance prompts the price to change, moving toward the equilibrium price.
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ORANGE REBELOON
[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 a video camera with stop action features or one of those memory foam pillows. Be on the lookout for poorly written technical manuals.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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CEEC
Council for European Economic Cooperation
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