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APP: The abbreviation of average physical product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average physical product, usually abbreviated APP, is found by dividing total physical product by the quantity of the variable input. Average physical product is actually just another name for average product (AP). But don't be confused by the extra term (physical).
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PERFECT COMPETITION, DEMAND The demand curve for the output produced by a perfectly competitive firm is perfectly elastic at the going market price. The firm can sell all of the output that it wants at this price because it is a relatively small part of the market. As a price taker, the firm has no ability to charge a higher price and no reason to charge a lower one. The market price facing a perfectly competitive firm is also average revenue and, most important, marginal revenue.
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John Maynard Keynes was born the same year Karl Marx died.
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"Look at everything as though you were seeing it either for the first or last time. Then your time on earth will be filled with glory." -- Betty Smith, Novelist
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WPI
Wholesale Price Index
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