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WEIGHT LOSING: An activity in which the transportation cost of the inputs is greater than the transportation cost of the output. Using the term weight to mean transportation cost, an activity is said to lose weight if the cost of getting the inputs to the factory is greater than the cost of moving the output to the market. A weight-losing activity has a greater attraction to, and tends to locate near, the source for the inputs.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a weathervane with a cow on top or a box of multi-colored, plastic paper clips. Be on the lookout for door-to-door salesmen.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
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WACM
Weak Axiom of Cost Minimization
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