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LOCAL OUTPUT: An output that has a relatively small geographic market area due to the high cost of transportation. The high transportation cost means it is easier (that is, less expensive) to locate consumers near the output rather than trying to bring the output to the consumers. Like many things, local outputs are a matter of degree. At the other end of the spectrum lies transferrable outputs. Services, such as legal advice, health care, and entertainment, that are consumed as they are produced, tend to have a great deal of local orientation.
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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 9 of 22
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- The cost side of the firm's production can be conveniently displayed using the U-shaped cost curves:
- Average Total Cost (ATC): This curve is negatively-sloped for small quantities of output, then becomes positively-sloped for larger quantities of output.
- Marginal Cost (MC): Like the average total cost curve, the marginal cost curve is negatively-sloped for small quantities of output, then becomes positively-sloped for larger quantities of output.
- Both curves play important roles in the analysis of the short-run production decision for monopolistic competition.
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INFLATION A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a coffee cup commemorating the first day of spring or a printer that works with your stockpile of ink cartridges. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BST
Bulk Supply Tariff
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