Google
Thursday 
July 18, 2019 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
AMERICAN ASSOCIATION OF UNIVERSITY PROFESSORS: An association of university and college faculty established in 1915 to protect academic freedom. Commonly abbreviated AAUP, this association is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

SUBSTITUTION EFFECT: One of two reasons for law of demand and the negative slope of the market demand curve (the other is the income effect). The substitution effect occurs because a change in the price of a good makes it relatively higher or lower than the prices of other goods that might act as substitutes. A higher price means that a good is more expensive relative to other goods, while a lower price means it's less expensive.

     See also | demand | demand curve | law of demand | slope | quantity demanded | income effect | demand price | substitute |


Recommended Citation:

SUBSTITUTION EFFECT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: July 18, 2019].


AmosWEB Encyclonomic WEB*pedia:

Additional information on this term can be found at:

WEB*pedia: substitution effect

Search Again?

Back to the GLOSS*arama

LONG-RUN AVERAGE COST CURVE, DERIVATION

The long-run average cost curve is the envelope of an infinite number of short-run average total cost curves, with each short-run average total cost curve tangent to, or just touching, the long-run average cost curve at a single point corresponding to a single output quantity. The key to the derivation of the long-run average cost curve is that each short-run average total cost curve is constructed based on a given amount of the fixed input, usually capital. As such, when the quantity of the fixed input changes, the short-run average total cost curve shifts to a new location.

Complete Entry | Visit the WEB*pedia


APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope

This isn't me! What am I?

The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. "

-- Larry Bird, basketball player

LIBOR
london Inter-Bank Offered Rate
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2019 AmosWEB*LLC
Send comments or questions to: WebMaster