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LRMC: The abbreviation for long-run marginal cost, which is the change in the long-run total cost of producing a good or service resulting from a change in the quantity of output produced. Like all marginals, long-run marginal cost is the increment in the corresponding total. What's most notable about long-run marginal cost, however, is that we are operating in the long run. Unlike the short run, in which at least one input is fixed, there are no fixed inputs in the long run. As such, there is only variable cost. This means that long-run marginal cost is the result of changes in the cost of all inputs.

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UNEMPLOYMENT REASONS: People can be unemployed for a variety of reasons. The Bureau of Labor Statistics (BLS) notes five prime reasons for being unemployed: (1) job losers, (2) job leavers, (3) those who have completed temporary jobs, (4) re-entrants, and (5) new entrants.

     See also | unemployment sources | unemployment rate | Current Population Survey | Bureau of Labor Statistics | unemployment problems | employment-population ratio | alternative unemployment rates | employed persons | unemployed persons | not in the labor force |


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CONSUMPTION RIVALRY

Whether or not the consumption of a particular good by one person prevents simultaneous consumption by another person. In other words, does consumption impose an opportunity cost on others. Rival consumption occurs if the consumption by one imposes an opportunity cost on others because others are prevented from consuming the good. Nonrival consumption occurs if the consumption by one does not impose an opportunity cost on others because others are not prevented from consuming the good. When combined with nonpayer excludability, the result is four alternative types of goods -- private, public, common-property, and near-public.

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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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