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TOTAL COST CURVE: A curve that graphically represents the relation between total cost incurred by a firm in the short-run production of a good or service and the quantity produced. The total cost curve is a cornerstone upon which the analysis of a firm's short-run production is built. It combines all of a firm's opportunity costs into a single curve, which can then be used with the firm's total revenue curve to determine profit.
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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. An increasing-cost industry occurs because the entry of new firms, prompted by an increase in demand, causes the long-run average cost curve of each firm to shift upward, which increases the minimum efficient scale of production.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time at an auction hoping to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
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"You miss 100% of the shots you never take. " -- Wayne Gretzky, hockey player
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TNV
Total Net Value
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