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LONG-RUN MARGINAL COST CURVE: A graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.
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RISK AVERSION A preference for risk in which a person prefers guaranteed or certain income over risky income. Risk aversion arises due to decreasing marginal utility of income. A risk averse person prefers to avoid risk and is willing to pay to do so, often through the purchase of insurance. This is one of three risk preferences. The other two are risk neutrality and risk loving.
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for malfunctioning pocket calculators.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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