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ALLOCATION EFFECT: The goal of imposing taxes to change the allocation of resources, that is, to discourage the production, consumption, or exchange or one type of good usually in favor of another. This is one of two reasons that governments impose taxes. The other reason is the revenue effect. Because people would rather not pay taxes, taxes create disincentives to produce, consume, and exchange. If society deems that less of a particular good, such as alcohol, pollution, or cigarettes are "bad," then a tax can reduce its production and consumption, and thus change the allocation of resources.
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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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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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A half gallon milk jug holds about $50 in pennies.
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"There's only one way to succeed in anything, and that is to give everything. " -- Vince Lombardi
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IRPP
Institute for Research on Public Policy
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