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IMPLICIT OPPORTUNITY COST: An opportunity cost that does NOT involve a money payment or a market transaction. This should be contrasted with explicit cost that DOES involve a money payment or a market transaction. The common misconception among non-economists out there in the real world is that the term "cost" is synonymous with the term "payment," that is, all costs are explicit costs, to be a cost you have to give up some money. Well, I'm here to tell you that this isn't true. Cost is opportunity cost. It's the satisfaction NOT received from activities NOT pursued. It's the value of foregone production. And not all opportunity costs involve a money payment.
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REGULATORY PRICING: Government control over the price charge in a market, especially by a firm with market control. Price regulation is most commonly used for public utilities characterized as natural monopolies. If allowed to maximize profit without restraint, the price charged would exceed marginal cost and production would be inefficient. However, because such firms, as public utilities, produce output that is deemed essential or critical for the public, government steps in to regulate or control the price. The two most common methods of price regulation are marginal-cost pricing and average-cost pricing. See also | government intervention | government | market | natural monopoly | public utility | marginal-cost pricing | average-cost pricing |
Recommended Citation:REGULATORY PRICING, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 16, 2024].
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EASY MONEY A general condition of the economy in which money is relatively abundant and plentiful. In modern times, this condition arises when the monetary authority (Federal Reserve System) undertakes expansionary monetary policy. With easy money, interest rates are generally lower, but inflation tends to creep higher. The alternative to easy money is tight money.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
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"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing." -- William A. Ward
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FOT
Free on Truck
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