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DISEQUILIBRIUM, MARKET: A state of the market that exists when the opposing forces of demand and supply do not balance out and there is an inherent tendency for change. This should be directly (and immediately) contrasted with the entries on equilibrium and market equilibrium. For the market, disequilibrium is indicated by the existence of either a surplus or a shortage. The inherent tendency to change occurs because a surplus causes the price to decline and a shortage causes the price to rise. So long as market disequilibrium persists, the price will be induced to change.
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MARGINAL FACTOR COST CURVE A curve that graphically represents the relation between marginal factor cost incurred by a firm for hiring an input and the quantity of input employed. A profit-maximizing firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a firm with no market control is horizontal. The marginal factor cost curve for a firm with market control is positively sloped and lies above the average factor cost curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction looking to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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CAP
Common Agricultural Policy
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