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MAJORITY RULE: A voting rule in which decisions are made based on the majority of those casting a vote. That is, the candidate or program receiving the majority of the votes is the winner. The majority is defined as one vote more than fifty percent of the total number of votes cast. If 100 votes are cast, the majority is 51 votes. If 100 million votes are cast, the majority is 50 million and one (50,000,001). This is perhaps the most common of several voting rules. Others include super majority, unanimity, and plurality.
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U-SHAPED COST CURVES: The family of short-run cost curves consisting of average total cost, average variable cost, and marginal cost, all of which have U-shapes. They are U-shaped because each has high but falling cost at low quantities of output, which then reaches a minimum, then has rising cost at larger quantities of output. Although the average fixed cost curve is not U-shaped, it's occasionally included with the other three just for sake of completeness. See also | average total cost | average variable cost | marginal cost | average fixed cost | average total cost curve | average variable cost curve | marginal cost curve | average fixed cost curve | short-run production | stages of production | increasing marginal returns | decreasing marginal returns | law of diminishing marginal returns | total cost | total variable cost | total fixed cost |
Recommended Citation:U-SHAPED COST CURVES, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: February 2, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: U-shaped cost curves
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FACTORS OF PRODUCTION Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a coffee cup commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a rechargeable battery for your cell phone. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"We tend to forget that happiness doesn't come as a result of getting something we don't have, but rather of recognizing and appreciating what we do have." -- Fredrick Koeing
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OLS
Ordinary Least Squares
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