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LONG-RUN MARGINAL COST: The change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.
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INVOLUNTARY EXCHANGE The process of unwillingly trading one valuable commodity (good, service, or resource) for another, usually prompted by the coercive powers of government. The key term is "unwillingly," which distinguishes involuntary exchanges from voluntary exchanges, such as those that are the foundation of market transactions.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center seeking to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for mail order catalogs with hidden messages.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Most battles are won before they are ever fought." -- General George Patton
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IAB
Inter-American Bank
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