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ESTATE TAX: A tax on the value of a deceased person's estate, or all of the property and assets owned. This should be compared to an inheritance tax, which is a tax on that portion of the estate that an heir actually receives.
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Lesson 8: Market Shocks | Unit 4: Double Shifts
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Page: 15 of 20
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Topic:
Less Demand and Less Supply
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Here we have demand decreasing (tastes change) and supply decreasing (number of sellers declines).- A decrease in demand causes a decrease in both price and quantity.
- A decrease supply causes price to increase and quantity to decrease.
- The combined effect is an obvious decrease in quantity but a questionable change in price.
- At the new equilibrium the price is indeterminant.
- If both demand and supply curve shift in the same direction, then quantity also changes in that direction, but price is indeterminant.
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LONG-RUN PRODUCTION ANALYSIS An analysis of the production decision made by a firm in the long run. The central characteristic of long-run production analysis is that all inputs under the control of the firm are variable. The central principle guiding production in the long run is returns to scale, which indicates how production responds to proportional changes in all inputs. A contrasting analysis is short-run production analysis.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club looking to buy either a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or decorative garden figurines. Be on the lookout for pencil sharpeners with an attitude.
Your Complete Scope
This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"Defeat is simply a signal to press onward. " -- Helen Keller, author, lecturer
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NBS
Nash Bargaining Solution
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