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LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.
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HORIZONTAL MERGER The consolidation of two or more separately-owned businesses, operating in the same industry and producing competing products, into a single firm. This is one of three types of mergers. The other two are vertical merger--two firms in different stages of the production of one good--and conglomerate merger--two firms in separate, unrelated industries.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for the last item on a shelf.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Success doesn't come to you . . . you go to it " -- Marva Collins, Educator
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PWAC
Present Worth of Annual Costs
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