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July 18, 2025 

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INDIFFERENCE MAP: A graph of two or more indifference curves. Higher indifference curves are associated with higher levels of utility.

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EXPLICIT COST: An opportunity cost that involves a money payment and usually a market transaction. This should be contrasted with implicit cost that does NOT involve a money payment or a market transaction. Explicit cost is also termed out-of-pocket or accounting cost.

     See also | opportunity cost | money | market | implicit cost | normal profit | accounting cost | economic cost | scarcity |


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EXPLICIT COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 18, 2025].


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PERFECT COMPETITION, TOTAL ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that generates the greatest difference between total revenue and total cost. This total approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of marginal revenue and marginal cost.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs trying to buy either a flower arrangement for your aunt or a birthday greeting card for your uncle. Be on the lookout for rusty deck screws.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
"A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses those skills to accomplish his goals. "

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