Absolute (Money) Price

Variable Input An input whose quantity
can be changed as output changes.
Velocity The average number of times
a dollar is spent to buy final goods and
services in a year.
Vertical Merger A merger between
companies in the same industry but at
different stages of the production process.
W
Wage discrimination The situation
in which individuals of equal ability and
productivity (as measured by their contribution to output) are paid different wage rates.
Wealth The value of all assets owned, both
monetary and nonmonetary.
X
X-Inefficiency The increase in costs due
to the organizational slack in a monopoly
resulting from the lack of competitive
pressure to push costs down to their lowest
possible level.
y
Yield The amount equal to the annual
coupon payment divided by the price paid
for the bond.