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BREAKEVEN OUTPUT: The quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but no economic profit. Breakeven output can be identified by the intersection of the total revenue curve and total cost curve, or by the intersection of the average total cost curve and average revenue curve. The most straightforward way of noting breakeven output, however, is with the profit curve. For a perfectly competitive firm breakeven output occurs where price is equal to average total cost.
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LAW A generally accepted, verified, proven, fundamental scientific relation. A law is a scientifically certified, thoroughly verified, cause-and-effect relation about the workings of the world. It has been tested and retested through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic laws of nature.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The purpose of learning is growth, and our minds, unlike our bodies, can continue growing as long as we live." -- Mortimer Adler
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CME
Chicago Mercantile Exchange
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