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TOTAL-MARGINAL RULE: A mathematical connection between a marginal value is the slope of a curve of the corresponding total value stating that the marginal IS the slope of the total curve. If the total curve has a positive slope (that is, is upward sloping), then marginal is positive. If the total product has a negative slope (downward sloping), then marginal is negative. If the total curve has a zero slope (horizontal), then marginal is zero. Moreover, if the total curve has an increasing slope (becoming steeper), then the marginal is rising. If the total curve has a decreasing slope (becoming flatter), then the marginal is falling.
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FLEXIBLE PRICES The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to the original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for crowded shopping malls.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Before you can inspire with emotion, you must be swamped with it yourself. Before you can move their tears, your own must flow. To convince them, you must yourself believe." -- Sir Winston Churchill
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