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SELF-CORRECTION, MARKET: The automatic process through which markets adjust from disequilibrium to equilibrium. Pointy-headed economists really like markets, even more than they like Englebert Humperdink. The reason is that markets have a built-in self correction mechanism. If a market is in equilibrium, it remains there until the cows come home. But if it's NOT in equilibrium, if it is in disequilibrium, it moves back. This means that no one (read this as government) needs to lord over markets, night and day, to ensure that they work. To reach an exchange that's mutually agreeable to both buyers and sellers, the buyers and sellers just need to be left alone (that is. laissez faire).
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PERFECT COMPETITION, TOTAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of marginal revenue and marginal cost.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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AFRA
Average Freight Rate Assessment
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