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PERFECT COMPETITION, PROFIT ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
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DISINFLATION A decline in the inflation rate. With disinflation, prices continue rising, just not as fast. Numerically speaking, disinflation occurs if the inflation rate over three consecutive years is 10 percent, 6 percent this year, and 4 percent. Disinflation, a reduction in the inflation rate, is not the same as deflation, which is an actual decline in the price level. Should disinflation continue, presumably due to anti-inflationary monetary or fiscal policies, then the average price level might eventually decline, making the transition from disinflation to deflation.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for rusty deck screws.
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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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"Give the American people a good cause, and there's nothing they can't lick. " -- John Wayne, actor
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