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FEDERAL TRADE COMMISSION: An independent federal agency run by a 5-member commission that's charged by Congress with preventing unfair and deceptive business activities and other various monopoly practices that tend to inhibit competition. The FTC was set up in 1914 to help the Justice Department enforce a growing number of antitrust laws. It has the authority to restrict assorted market monopolizing practices, such as mergers, false or misleading advertising, price discrimination, and price fixing. Since the time of it's formation, the FTC has grown into an important consumer protection agency.
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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for letters from the Internal Revenue Service.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
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PSBR
Public Sector Borrowing Requirement
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