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AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.
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EQUILIBRIUM PRICE The price that exists when a market is in equilibrium. Equilibrium price is simultaneously equal to both the demand price and supply price and it is the price that equates the quantity demanded and quantity supplied. In a market graph, the equilibrium price is found at the intersection of the demand curve and the supply curve. Equilibrium price, also commonly referred to as the market-clearing price, is one of two equilibrium variables. The other is equilibrium quantity.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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