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DISEQUILIBRIUM, MARKET: A state of the market that exists when the opposing forces of demand and supply do not balance out and there is an inherent tendency for change. This should be directly (and immediately) contrasted with the entries on equilibrium and market equilibrium. For the market, disequilibrium is indicated by the existence of either a surplus or a shortage. The inherent tendency to change occurs because a surplus causes the price to decline and a shortage causes the price to rise. So long as market disequilibrium persists, the price will be induced to change.
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LOSS MINIMIZATION RULE A rule stating that a firm minimizes economic loss by producing output in the short run that equates marginal revenue and marginal cost if price is less than average total cost but greater than average variable cost. This is one of three short-run production alternatives facing a firm. The other two are profit maximization (if price exceeds average total cost) and shutdown (if price is less than average variable cost).
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for defective microphones.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Do what you feel in your heart to be right ‚ for you'll be criticized anyway. You'll be damned if you do and damned if you don't. " -- Eleanor Roosevelt, first lady
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ICSID
International Center for the Settlement of Investment Disputes
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