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LRAC: The abbreviation for long-run average cost, which is the per unit cost of producing a good or service in the long run when all inputs are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is based on economies of scale (or increasing returns to scale) and diseconomies of scale (or decreasing returns to scale).
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Lesson 9: Consumer Demand | Unit 3: Marginal Utility
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Page: 12 of 22
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Topic:
Diminishing Marginal Utility
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- The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.
- These declining marginal utility values illustrate the law of diminishing marginal utility.
- The law of diminishing marginal utility is the key principle for understanding market demand and the law of demand.
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UNEMPLOYED The condition in which a resource (especially labor) is NOT actively engaged in a productive activity, but IS actively seeking employment. This general condition forms the conceptual basis for one of the three categories used by the Bureau of Labor Statistics (BLS) when classifying an individual's labor force status--employed persons. The other two BLS categories are employed persons and not in the labor force.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store looking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for small children selling products door-to-door.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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AACP
American Assocation of Commercial Publications
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