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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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AVERAGE REVENUE PRODUCT CURVE A curve that graphically illustrates the relation between average revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit revenue at each level of the variable input. The average revenue product curve is one of two related curves often used in the analysis of factor demand. The other, and more important, is marginal revenue product curve.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Everyone's got it in him, if he'll only make up his mind and stick at it. None of us is born with a stop-valve on his powers or with a set limit to his capacities. There's no limit possible to the expansion of each one of us." -- Charles M. Schwab
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PDI
Personal Disposable Income
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