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MARKET SHOCK: A disruption of market equilibrium (that is, a market adjustment) caused by a change in a demand determinant (and a shift of the demand curve) or a change in a supply determinant (and a shift of the supply curve). A market shock can take one of four forms--an demand increase, demand decrease, supply increase, or supply decrease. An increase is seen as a rightward shift of either curve and results in an increase in equilibrium quantity. A decrease is a leftward shift of either curve and results in a decrease in equilibrium quantity. However, a change in demand results in price and quantity to change in the same direction, while a change in supply causes equilibrium price to move the opposite direction as quantity.
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INCREASING MARGINAL RETURNS In the short-run production by a firm, an increase in the variable input results in an increase in the marginal product of the variable input. Increasing marginal returns typically surface when the first few quantities of a variable input are added to a fixed input. This is one of two alternatives for marginal returns. The other is decreasing marginal returns. A related phenomenon for long-run production is increasing returns to scale.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet wanting to buy either software that won't crash your computer or any book written by Stephan King. Be on the lookout for attractive cable television service repair people.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"The only profit center is the customer." -- Peter Drucker, educator
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KCBT
Kansas City Board of Trade
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