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LRTC: The abbreviation for long-run total cost, which is the opportunity cost incurred by all of the factors of production used in the long run (when all inputs are variable) by a firm to produce of a good or service, including wages paid to labor, rent paid for the land, interest paid to capital owners, and a normal profit paid to entrepreneurs. Unlike short-run total cost, long-run total cost can not be separated into fixed cost and variable cost. In the long run, all inputs are variable, so all cost is variable.
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AVERAGE REVENUE CURVE, MONOPOLY A curve that graphically represents the relation between average revenue received by a monopoly for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopoly's output.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either a coffee table shaped like the state of Florida or storage boxes for your summer clothes. Be on the lookout for broken fingernail clippers.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"A man flattened by an opponent can get up again. A man flattened by conformity stays down for good. " -- Thomas Watson Jr., executive
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KLIC
Kullback-Leibler Information Criterion
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