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EFFICIENCY: Obtaining the most possible satisfaction from a given amount of resources. Efficiency for our economy is achieved when we can not increase our satisfaction of wants and needs by producing more of one good and less of another. This is one of the five economic goals, specifically one of the two micro goals (the other being equity).
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MARGINAL REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between the marginal revenue received by a monopoly for selling its output and the quantity of output sold. Because a monopoly is a price maker and faces a negatively-sloped demand curve, its marginal revenue curve is also negatively sloped and lies below its average revenue (and demand) curve. A monopoly maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either high-gloss photo paper that works with your printer or a desktop calendar with all federal and state holidays highlighted. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"There is a way to look at the past. Don't hide from it. It will not catch you - if you don't repeat it." -- Pearl Bailey, Singer and Actress
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LIBOR
london Inter-Bank Offered Rate
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