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GDP DEFLATOR: A price index based on the calculation of real gross domestic product that's used as an indicator of average prices in the economy. Those loveable economists who spend their days and nights compiling and estimating the size of our economic pie provide estimates of gross domestic product in both nominal dollars and real dollars.
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MARGINAL REVENUE, PERFECT COMPETITION The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for celebrities who speak directly to you through your television.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"In the long run men hit only what they aim at. " -- Henry David Thoreau, philosopher
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L/C
Letter of Credit
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