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INFLATION RATE: The percentage change in the price level from one period to the next. The two most common price indices used to measure the inflation are the Consumer Price Index (CPI) and the GDP price deflator.
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PERFECT COMPETITION, LONG-RUN ADJUSTMENT A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a pair of leather sandals that won't cause blisters or clothing for your kitty cats. Be on the lookout for rusty deck screws.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"So many of our dreams at first seem impossible, then they seem improbable, and then when we summon the will, they soon become inevitable." -- Christopher Reeve, Actor
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ARP
Average Revenue Product
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