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LRMC CURVE: The common abbreviation for the long-run marginal cost curve, which is the graphical representation of the relationship between long-run marginal cost and the quantity of output produced. Like other marginal curves, the long-run marginal cost curve follows the average-marginal rule relative to the long-run average cost curve. In all outward appearance, the long-run marginal cost curve looks very much like the short-run marginal cost, that is, it is U-shaped. However, the U-shape is attributable to returns to scale rather than increasing and decreasing marginal returns.
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CYCLICAL UNEMPLOYMENT: Unemployment attributable to a general decline in macroeconomic activity, especially expenditures on gross domestic product, that occurs during a business-cycle contraction. When the economy dips into a contraction, or recession, aggregate demand declines, so less output is produced and fewer workers and other resources are employed. Hence unemployment of the cyclical variety increases. Cyclical unemployment is one of four unemployment sources. The other three are seasonal unemployment, frictional unemployment, and structural unemployment. See also | unemployment | aggregate expenditures | gross domestic product | business cycle | contraction | recession | depression | aggregate demand | seasonal unemployment | frictional unemployment | structural unemployment | unemployment sources |
Recommended Citation:CYCLICAL UNEMPLOYMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: March 31, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: cyclical unemployment
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TOTAL REVENUE CURVE A curve that graphically represents the relation between the total revenue received by a firm for selling its output and the quantity of output sold. It is combined with a firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue. The total revenue curve for a firm with no market control is a straight line. The total revenue curve for a firm with market control is "hump-shaped."
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PINK FADFLY
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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for rusty deck screws.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"A leader, once convinced that a particular course of action is the right one, must . . . be undaunted when the going gets tough." -- President Ronald Reagan
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SSRN
Social Science Research Network
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