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IMPLICIT LOGROLLING: A type of voter logrolling in which two separate programs or policies are combined into a single package, which is then subject to a single vote. With implicit logrolling, each voter is "on record" only for the entire package and thus can contend that a vote was cast only for "their" favored program. Implicit logrolling is commonly used by legislators to trade votes without appearing to trade votes. Legislators can come out in support of "their" programs, while simultaneously being against "other" programs, even though they actually voted for the "other" programs by voting for "their" programs, but they didn't really want to vote for the "other" programs and only voted for the "other" programs to ensure passage of "their" programs. An alternative type of logrolling is explicit logrolling.
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MARGINAL COST AND LAW OF DIMINISHING MARGINAL RETURNS Decreasing then increasing marginal cost, reflected by a U-shaped marginal cost curve, is the result of increasing then decreasing marginal returns. In particular the decreasing marginal returns is caused by the law of diminishing marginal returns. As such, the law of diminishing marginal returns affects not only the short-run production of a firm but also the cost of short-run production. This translates into a positively-sloped supply curve for profit-maximizing competitive firms.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for the last item on a shelf.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
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IIPF
International Institute of Public Finance
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