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POLLUTION: Any waste that imposes an opportunity cost when it's returned to the natural environment. Pollution is one of the more prevalent examples of an externality cost and market failure. Examples include, but by no means are limited to, car exhaust, municipal sewage, industrial waste, and agricultural chemical runoff from farms. Pollution waste can be classified as degradable, persistent, or nondegradable, depending on how easily it can be broken down into nonharmful form by the natural environment. Pollution problems can never be eliminated, but they can be handled with efficiency if the amount of pollution is such that the cost of damages is the same as the cost of cleanup.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store wanting to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In the early 1900s around 300 automobile companies operated in the United States.
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"People of mediocre ability sometimes achieve outstanding success because they don't know when to quit. " -- George Allen, U.S. senator
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LAN
Locally Asymptotically Normal
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