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LONG-RUN TREND: The general movement over time of particular measurement, especially one prone toward shorter term fluctuations. One of the most important long-run trends in the study of macroeconomics is for real GDP. The long-run trend of real GDP, which has historically increased about 3% a year, indicates the increase in the economy's production capabilities. Such capabilities have increased due to increases in the quantity and quality of resources.
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AVERAGE REVENUE, MONOPOLISTIC COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either several magazines on home repairs or a remote controlled sports car with an air spoiler. Be on the lookout for attractive cable television service repair people.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"We work to become, not to acquire. " -- Elbert Hubbard, editor
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KLIC
Kullback-Leibler Information Criterion
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