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TARIFFS: Taxes that are usually on imports, but occasionally (very rarely) on exports. This is one form of trade barrier that's intended to restrict imports into a country. Unlike nontariff barriers and quotas which increase prices and thus revenue received by domestic producers, a tariff generates revenue for the government. Most pointy-headed economists who spend their waking hours pondering the plight of foreign trade contend that the best way to restrict trade, if that's what you want to do, is through a tariff.

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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND

A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.

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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for fairy dust that tastes like salt.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. "

-- Thomas Paine, statesman

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