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DEMAND DECREASE: A decrease in the willingness and ability of buyers to buy a good at the existing price, illustrated by a leftward shift of the demand curve. A decrease in demand results in a decrease in equilibrium quantity and a decrease in equilibrium price.
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AVERAGE COST The opportunity cost incurred per unit of good produced. This is calculated by dividing the cost of production by the quantity of output produced. While average cost is a general term relating cost and the quantity of output, three specific average cost terms are average total cost, average variable cost, and average fixed cost. A related cost term is marginal cost.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"If you don't have time to do it right, when will you have time to do it over?" -- John Wooden, Basketball coach
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LRTC
Long Run Total Cost
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