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TOTAL REVENUE CURVE, MONOPOLY: A curve that graphically represents the relation between total revenue received by a monopoly for selling its output and the quantity of output sold. It is used with the monopoly firm's total cost curve to determine economic profit. The marginal revenue curve, a key factor for determining the profit-maximizing level of a firm's output, is derived directly from the total revenue curve.
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DIVISION OF LABOR A basic economic notion that labor resources are used more efficiently if work tasks are divided among different workers. This allows workers to specialize in production as each becomes highly skilled at specific tasks.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Cherish your visions and your dreams as they are the children of your soul; the blue prints of your ultimate achievements." -- Napoleon Hill, Author
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PSID
Panel Study of Income Dynamics
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