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AR: The abbreviation for average revenue, which is the revenue received for selling a good, per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue actually goes by a simpler and more widely used term... price. Average revenue is really a fancy-schmancy term for the price received by a seller for selling a good. However, using the longer term average revenue let's us see the connection with other terms, like total revenue, marginal revenue, and quantity.
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PERFECT COMPETITION, SHORT-RUN SUPPLY CURVE A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along its positively-sloped marginal cost curve in response to changing prices.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a how-to book on the art of negotiation or a flower arrangement for your aunt. Be on the lookout for malfunctioning pocket calculators.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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"The true idealist pursues what his heart says is right in a way that his head says will work. " -- Richard Nixon, 37th US president
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PI
Personal Income
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