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December 10, 2019 

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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.

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REAL PRODUCTION: The market value of all production measured in constant prices, after adjusting for inflation. Real production is typically measured with real GDP.

     See also | real | real gross domestic product | gross domestic product | price level | inflation | nominal gross domestic product | GDP price deflator | purchasing power | real interest rate | real wage |


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PERFECT COMPETITION, SHORT-RUN SUPPLY CURVE

A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along its positively-sloped marginal cost curve in response to changing prices.

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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for slightly overweight pizza delivery guys.
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The average length of a "business lunch" is about 36 minutes.
"The greatest barrier to success is the fear of failure."

-- Sven Goran Eriksson, writer

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