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LAW OF DIMINISHING MARGINAL RETURNS: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?
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TOTAL REVENUE CURVE, MONOPOLISTIC COMPETITION A curve that graphically represents the relation between the total revenue received by a monopolistically competitive firm for selling its output and the quantity of output sold. It is combined with the total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet trying to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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T-BILL
Treasury Bill
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