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OVEREMPLOYMENT: The condition in which resources are more actively engaged in the production of goods and services than they are willing and able to at current prices. This condition is most important for short-run macroeconomic activity and short-run aggregate market analysis. In particular, overemployment is a key reason for the positive slope of the short-run aggregate supply curve. Overemployment is a primary reason the macroeconomy is able to produce MORE than full-employment production in the short run. Another reason is natural unemployment.
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MARGINAL REVENUE CURVE, PERFECT COMPETITION A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for strangers with large satchels of used undergarments.
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"Concentration is the secret of strength in politics, in war, in trade, in short in all management of human affairs. " -- Ralph Waldo Emerson, philosopher, poet
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UTP
Unfair Trade Practice
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