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INCREASING-COST INDUSTRY: A perfectly competitive industry with a positively-sloped long-run industry supply curve that results because expansion of the industry causes higher production cost and resource prices. For an increasing-cost industry the entry of new firms, prompted by an increase in demand, causes the long-run average supply curve of each firm to shift upward, which increases the minimum efficient scale of production.
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TOTAL UTILITY CURVE A curve illustrating the relation between the total utility obtained from consuming a good and the quantity of the good consumed. The shape of the total utility curve, increasing at a decreasing rate, reflects the law of diminishing marginal utility. The reason for this is that slope of the total utility curve is marginal utility, meaning the total utility curve can be use to derive the marginal utility curve.
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The Economics Of Dueling POLITICAL VIEWSThere seems to be a disturbance on the steps of the Shady Valley City Hall. Why it's the twins, Donna and Rhonda, engaged in yet another of their long-running, and overly heated, political arguments. Donna, you see, is a devoted Democrat and Rhonda is a rigid Republican. They haven't found much to agree on since, well, come to think of it they've never agreed on anything. In their current debate, Donna is making a strident case for stricter regulation of the banking industry and Rhonda is championing the virtues of free enterprise. I had better hitch up my jogging pants and intervene before their argument comes to blows -- again. While I do, let's ponder the source of differing political views.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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WFTU
World Federation of Trade Unions
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