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December 6, 2023 

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INDEPENDENT VARIABLE: A variable that is identified outside the workings of the model. Also termed an exogenous variable, an independent variable is in essence the "input" of the model. It should be compared with an endogenous variable this is the "output" of the model.

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PRICE-COST MARGIN: The difference between price (p) and marginal cost (mc) as a fraction of price, that is [p-mc]/p. The price-cost margin is usually taken as an indicator of market power because the larger the margin, the larger the difference between price and marginal cost, that is, the larger the distance between the price and the competitive price. The price-cost margin depends on the elasticity of demand. The price-cost margin is also called the Lerner index of market power.

     See also | market power | monopoly | price | competitive market | price maker | price leadership | marginal-cost pricing | Lerner index |


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PRICE-COST MARGIN, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: December 6, 2023].


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INSTITUTION

An established method or way of performing an activity that is widely accepted throughout society. Institutions provide the rules, guidelines, and structure needed to carry out day-to-day economic activities, such as production, consumption, and exchange.

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Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for jovial bank tellers.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
"Every man must decide whether he will walk in the light of creative altruism or in the darkness of destructive selfishness."

-- Martin Luther King, Jr., clergyman

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