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LRMC CURVE: The common abbreviation for the long-run marginal cost curve, which is the graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.

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INVENTION: The creation of a new idea, product, or technological process. The act of invention should be contrasted with the process of innovation, with is the dissemination new things throughout society. The distinction is important because inventions do not benefit society until they are distributed throughout the economy as innovations.

     See also | technology | invention | creative destruction |


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INVENTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: March 4, 2024].


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COMPETITION

In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.

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APLS

BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for the happiest person in the room.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

FRS
Federal Reserve System
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