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MARGINAL REVENUE PRODUCT CURVE: A curve that graphically illustrates the relation between marginal revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in total revenue for incremental changes in the variable input. The marginal revenue product curve plays in key role in the economic analysis of factor markets and the quantity of inputs employed.
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INFLATIONARY GAP The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is more than full-employment real production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion, especially the latter stages of an expansion. This is one of two alternative output gaps that can occur when short-run equilibrium generates production that differs from full employment. The other is a recessionary gap.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for malfunctioning pocket calculators.
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More money is spent on gardening than on any other hobby.
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"I feel sorry for the person who canžt get genuinely excited about his work. Not only will he never be satisfied, but he will never achieve anything worthwhile. " -- Walter Chrysler, automaker
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WAPM
Weak Axiom of Profit Maximization
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