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May 23, 2025 

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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.

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TOTAL FACTOR COST: The opportunity cost incurred when using a given factor of production to produce a good or service. Total factor cost should be compared with the related term, total cost. Total factor cost is the cost of using a specific factor, total cost is the cost of all factors of production. Total factor cost is predominately used in the analysis of the factor market.

     See also | total cost | opportunity cost | factors of production | factor market | average factor cost | marginal factor cost | factor price | perfect competition | imperfect competition | monopsony | market control |


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TOTAL FACTOR COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 23, 2025].


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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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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"There is no passion to be found playing small ‚ in settling for a life that idles than the one you are capable of living."

-- Nelson Mandela

NPV
Net Present Value
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