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January 20, 2022 

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GUILD: In medieval European times, a collection of artisans or merchants in the same occupation or industry, often in a particular location. Guilds were the forerunners of modern craft unions. They typical set quality standards and criteria for entry into the profession. Doing so allowed guilds to limit competition, monopolize their markets, keep prices high, and boost guild member incomes.

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MARGINAL PROPENSITY TO IMPORT: The proportion of each additional dollar of household income that is used for imports. Or alternatively, this is the change in imports due to a change in disposable income. Abbreviated MPI, the marginal propensity to import plays a minor role in modifying the aggregate expenditure line and the multiplier effect.

     See also | imports | consumption expenditures | disposable income | consumption line | Keynesian economics | multiplier | aggregate expenditures line | marginal propensity to consume | marginal propensity to save | marginal propensity to invest |


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MARGINAL PROPENSITY TO IMPORT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: January 20, 2022].


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AVERAGE REVENUE CURVE, MONOPOLISTIC COMPETITION

A curve that graphically represents the relation between average revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a monopolistically competitive firm's output.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for letters from the Internal Revenue Service.
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