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SHUTDOWN RULE: A rule stating that firm minimizes economic loss by producing no output in the short run if price is less than average variable cost. In the short run, a firm incurs total fixed cost whether or not it produces any output. As such, if the market price is falls below average total cost, it must decide if the economic loss from producing the quantity of output that equates marginal revenue and marginal cost is more or less than the economic loss incurred with shutting down production in the short run (which is equal to total fixed cost).
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TOTAL PRODUCT AND MARGINAL PRODUCT A mathematical connection between marginal product and total product stating that marginal product IS the slope of the total product curve. If the total product curve has a positive slope (that is, is upward sloping), then marginal product is positive. If the total product curve has a negative slope (downward sloping), then marginal product is negative. If the total product curve has a zero slope (horizontal), then marginal product is zero.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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