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April 29, 2017 

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PERFECT COMPETITION AND DEMAND: The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also the firm's average revenue and, most importantly, its marginal revenue.

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There are 20 entries in the WEB*pedia starting with the letter O.

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Taming Our Beastly FEDERAL DEFICIT

It's almost impossible to take a leisurely stroll around the economy without crashing headlong into the federal deficit. It doesn't take a microscope to see it bulging from the windows and doors of the Sylvester J. Peabody Federal Office Building as we pass by. It's a monstrous beast that seems to be growing by the minute. But is the federal deficit really as ghoulish and gruesome as drawn by political cartoonists? Should we make a detour of our pedestrian trek to avoid the beast? Considering it's size, is avoidance even possible. To answer these question, let's consider the pluses and minuses of our federal deficit.
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APLS

State of the ECONOMY

Real Average Hourly Earnings
November 2016
$10.68
Up $.07 from November 2015

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time searching for a specialty store trying to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?

Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle

JPUBE
Journal of Public Economics
A PEDestrian's Guide
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