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FALLACY OF FALSE CAUSE: The logical fallacy of arguing that two events that are correlated (that is, happen at about the same time), are assumed to have a causal connection. In other words, one event causes the other. This was one of the more common fallacies committed by ancient ancestors. During the last full moon, your dog died. Obviously the full moon killed your dog. While this might seem reasonable to anyone spending their lives eating mastodon meat and sleeping in caves, it's actually the fallacy of false cause.
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TOTAL REVENUE, MONOPOLISTIC COMPETITION The revenue received by a monopolistically competitive firm for the sale of its output. Total revenue is one two bits of information a monopolistically competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopolistically competitive firm, which has a modest degree of market control, total revenue increases at a decreasing rate. Two other revenue measures directly related to total cost are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for vindictive digital clocks with revenge on their minds.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Life is not a 'brief candle.' It is a splendid torch that I want to make burn as brightly as possible before handing it on to future generations. " -- Bernard Shaw, journalist
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FAC
Federal Advisory Council
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