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BUDGET DEFICIT: An excess of budgetary expenditures over revenues. The federal government is well known for its inclination to operate with a budget deficit. But it is not alone. Consumers also find themselves in this position on many occasions. When a budget deficit occurs, the excess spending is financed through borrowing. For the federal government this involves issuing government securities. For households it typically involves some sort of bank loan, credit card purchase, use of savings (borrowing from thyself), or hitting a friend up for a few bucks.
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MARGINAL FACTOR COST CURVE, MONOPSONY: A curve that graphically represents the relation between marginal factor cost incurred by a monopsony for hiring an input and the quantity of input employed. A profit-maximizing monopsony hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a monopsony with market control is positively sloped and lies above the average factor cost curve. See also | marginal factor cost | marginal factor cost curve | marginal factor cost curve, perfect competition | total factor cost curve | average factor cost curve | total cost | total product | marginal factor cost, perfect competition | marginal factor cost, monopsony |
Recommended Citation:MARGINAL FACTOR COST CURVE, MONOPSONY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: January 20, 2019].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: marginal factor cost curve, monopsony
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TOTAL REVENUE, MONOPOLISTIC COMPETITION The revenue received by a monopolistically competitive firm for the sale of its output. Total revenue is one two bits of information a monopolistically competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopolistically competitive firm, which has a modest degree of market control, total revenue increases at a decreasing rate. Two other revenue measures directly related to total cost are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for jovial bank tellers.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Act well at the moment, and you have performed a good action for all eternity." -- Johann Kaspar Lavater
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JEP
Journal of Economic Perspectives
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