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HORIZONTAL ADDITION: In graphical analysis, the technique of combining two curves by adding the value of the variable on the horizontal or X axis for a given value of the variable on the vertical or Y axis. This is commonly done when deriving a market demand curve from a set of individual demand curves. The quantity demanded by every individual is added at a given price to identify the total market demand at that price.
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PRICE CEILING: A legally established maximum price. The government is occasionally inclined to keep the price of one good or another from rising too high. Examples include apartments, gasoline, and natural gas. While the goal is invariably a noble one--like keeping stuff affordable for poor people--a price ceiling often does more harm than good. First, it usually creates a shortage, meaning that many of the buyers who being protected against high prices, can't even buy the good. Second, as a consequence of this shortage, a price ceiling is likely to generate a black market where the good is sold illegally above the price ceiling. See also | market | price | regulation | shortage | black market | price floor |
Recommended Citation:PRICE CEILING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 27, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: price ceiling
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ACCOUNTING PROFIT The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway trying to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for telephone calls from long-lost relatives.
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Lombard Street is London's equivalent of New York's Wall Street.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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RGDP
Real Gross Domestic Product
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