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December 3, 2021 

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SHUTDOWN RULE: A rule stating that firm minimizes economic loss by producing no output in the short run if price is less than average variable cost. In the short run, a firm incurs total fixed cost whether or not it produces any output. As such, if the market price is falls below average total cost, it must decide if the economic loss from producing the quantity of output that equates marginal revenue and marginal cost is more or less than the economic loss incurred with shutting down production in the short run (which is equal to total fixed cost).

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PAYROLL TAX: A tax levied on the wage earnings, or payroll, of workers. The most notable, if nothing else in terms of sheer dollar amount, is the Social Security tax.

     See also | tax | wage | income | Social Security |


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PAYROLL TAX, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: December 3, 2021].


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MARGINAL FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between marginal factor cost incurred by a perfectly competitive firm for hiring an input and the quantity of input employed. A profit-maximizing perfectly competitive firm hires the quantity of input found at the intersection of the marginal factor cost curve and marginal revenue product curve. The marginal factor cost curve for a perfectly competitive firm with no market control is horizontal.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for strangers with large satchels of used undergarments.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"If a man hasn't discovered something that he will die for, he isn't fit to live. "

-- Martin Luther King Jr., clergyman

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