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DECREASING MARGINAL RETURNS: In the short-run production of a firm, an increase in the variable input results in a decrease in the marginal product of the variable input. Decreasing marginal returns typically surface after the first few quantities of a variable input are added to a fixed input. Compare this with increasing marginal returns. You should also compare this with diseconomies of scale associated with long-run production.
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PERFECT COMPETITION, CHARACTERISTICS The four key characteristics of perfect competition are: (1) a large number of small firms, (2) identical products sold by all firms, (3) perfect resource mobility or the freedom of entry into and exit out of the industry, and (4) perfect knowledge of prices and technology.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a toaster oven that has convection cooking or a birthday gift for your mother. Be on the lookout for defective microphones.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Leadership is based on inspiration, not domination; on cooperation, not intimidation. " -- William A. Ward
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