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MARKET-CLEARING PRICE: The price that exists when a market is clear of shortage and surplus, or is in equilibrium. Market-clear price is a common, non-technical term for equilibrium price. In a market graph, the market-clearing price is found at the intersection of the demand curve and the supply curve.
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MRO: The abbrevation for maintenance, repair, and operations. A business classified product. These are products that are used to support the operations of a business, but are not generally included in product as a direct cost. Examples would be: lubricating oil, replacement belts for a fan motor, or shop towels. See also | products | business products |
Recommended Citation:MRO, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: June 19, 2021].
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MARGINAL FACTOR COST, MONOPSONY The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for telephone calls from long-lost relatives.
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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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"The will to win is important, but the will to prepare is vital. " -- Joe Paterno, football coach
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AEA
American Economic Association
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