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MARGINAL FACTOR COST: The change in total factor cost resulting from a change in the quantity of factor input, found by dividing the change in total factor cost by the change in quantity of factor input. Marginal factor cost, abbreviated MFC, indicates how a firm's total factor cost is affected by hiring one more or one fewer worker. Two related concepts are total factor cost and average factor cost.
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PERFECT COMPETITION, MARGINAL ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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OSHA
Occupational Safety and Health Administration
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