The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: M

MARGINAL BENEFIT

All other factors remaining constant, an activity’s overall benefit increase caused by a unit increase in the level of that activity. Also known as marginal utility.

MARGINAL PRODUCT OF LABOR

With all other factors remaining constant, this is the resulting output from hiring one more worker. Output of a firm or economy as a measured physical increase.

MARGINAL TAX RATE

Additional income unit’s paid tax rate. Marginal tax rates increment as income increases in a graduated or progressive tax regimen. The highest marginal tax rate applies to the highest income bracket or

MARKET CONTROLLED PRICE ENVIRONMENT

With little or no control exercised by individual suppliers or producers, tough competition determines prices between similar goods and services in this situation.

MARKET FORCES

Demand and supply drive are this aggregate influence over self-interested buyers and sellers haggling on goods and services pricing and quantities available in the market. Simplistically, prices rise with excess demand, which

MARKET NOT HELD ORDER

In the best interest of the client, the broker has the discretion to execute this type of market order.

MARKET PROFILE

A targeted group, population, or market segment uniquely identified by this specific set of characteristics. it includes demographics, income, life style, psychographic, and socioeconomic information to formulate marketing plans,

MARKET STRUCTURE

A market’s interconnected characteristics. Buyers and sellers population size and relative strength, how much collusion exists, competitive levels and forms, Amount of product differentiation, and simplicity of market entry and exit are

MARKETING ADVANTAGE

Superior products, lower prices, extensive distribution, and effective promotion are the competitive edge.

MARKETING THEME

Having maximum appeal to a targeted market segment as leverage in a central marketing idea or message, or a product benefit or feature.

MARRIED PUT

Purchaser owns the underlying stock in this type of put option. It protects against the decline in the stock’s price as the owner can sell the stock at a higher price prior

MASTER AGREEMENT

One legal document that consolidates separate but related agreements between the same signing parties. Also known as master contract.

MASTER TRUST

A trust company manages several trust properties as a single trust property acting as a trustee for a group of associated trustors or firms under this type of custody arrangement.

MATERIAL MISREPRESENTATION

If known to the other party, a contract, deal, or transaction could have been aborted, or significantly altered by this deliberate hiding or falsification of a material fact.

MATHEMATICAL MODEL

Forecasting future behavior method of simulated real-life situations with mathematical equations as this type of mathematical modeling. Decision-theory, queuing theory, and linear programming are typical tools. Large amounts of number crunching are

MATURITY DATE

A contractual agreement, financial instrument, guaranty, insurance policy, loan, or offer is due for settlement on this specific date. Also known as redemption date for investments. Is also a synonym for settlement

MAXIMUM EXPOSURE LIMIT (MEL)

Highest allowable chemical-concentration in a period-limited worker exposure. Some chemicals have short reference periods. MEL is usually expressed for an 8-hour reference period in parts-per-million (ppm).

MECHANICAL PROPERTIES

Bending, brittleness, elongation, hardness, and tensile strength as these specific types of indicators and characteristics of a material’s elastic or inelastic behavior under pressure or force.

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