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October 19, 2018 

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CAVEAT VENDITOR: This is a latin term meaning "let the seller beware." It was developed as a counter to the buyer's warning, caveat emptor, and suggests that sellers too can be "taken to the cleaners" in a market transaction. While it's less important than caveat emptor to under appreciated consumers, it does surface from time to time.

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AVERAGE-COST PRICING: A regulatory policy used for public utilities (especially those that are natural monopolies) in which the price received by a firm is set equal to the average total cost of production. The great thing about average-cost pricing is that a regulated public utility is guaranteed a normal profit, usually termed a fair rate of return. One bad thing about average-cost pricing is that marginal cost is less than average total cost meaning that price is greater than marginal cost. As such, the public utility is NOT operating according to the price equals marginal cost (P = MC) rule of efficiency.

     See also | regulatory policy | public utility | natural monopoly | firm | price | average total cost | normal profit | efficiency | marginal-cost pricing |


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AVERAGE-COST PRICING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 19, 2018].


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OWNERSHIP AND CONTROL

Having simultaneous legal "title" to a resource, good, or commodity and the ability to determine how the resource, good, or commodity is used. Ownership means that having legal title. Control means having the ability to determine use.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

VES
Variable Elasticity of Substitution
A PEDestrian's Guide
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