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However, there is no hard and fast definition as to what is classified as "long" or "short" and mostly relies on the economic perspective being taken. Marshall's original introduction of long-run and short-run economics reflected the 'long-period method' that was a common analysis used by classical political economists.
Another example is a paper by Sen et al. that found that gasoline prices were higher in states that instituted price ceilings. [18] Another example is the Supreme Court of Pakistan decision regarding fixing a ceiling price for sugar at 45 Pakistani rupees per kilogram. Sugar disappeared from the market because of a cartel of sugar producers and ...
A related government intervention to price floor, which is also a price control, is the price ceiling; it sets the maximum price that can legally be charged for a good or service, with a common example being rent control. A price ceiling is a price control, or limit, on how high a price is charged for a product, commodity, or service.
Vertical restraints are competition restrictions in agreements between firms or individuals at different levels of the production and distribution process. Vertical restraints are to be distinguished from so-called "horizontal restraints", which are found in agreements between horizontal competitors.
In typography, line length is the width of a block of typeset text, usually measured in units of length like inches or points or in characters per line (in which case it is a measure). A block of text or paragraph has a maximum line length that fits a determined design. If the lines are too short then the text becomes disjointed; if they are ...
Critics maintain that congestion pricing is not equitable, places an economic burden on neighboring communities, and adversely affects retail businesses and general economic activity. There is a consensus among economists that congestion pricing in crowded transportation networks, and subsequent use of the proceeds to lower other taxes, makes ...
The total cost curve, if non-linear, can represent increasing and diminishing marginal returns.. The short-run total cost (SRTC) and long-run total cost (LRTC) curves are increasing in the quantity of output produced because producing more output requires more labor usage in both the short and long runs, and because in the long run producing more output involves using more of the physical ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".