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MARGINAL REVENUE CURVE, PERFECT COMPETITION: A curve that graphically represents the relation between the marginal revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because a perfectly competitive firm is a price taker and faces a horizontal demand curve, its marginal revenue curve is also horizontal and coincides with its average revenue (and demand) curve. A perfectly competitive firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve.
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MARGINAL PRODUCT The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product, which occasionally goes by the alias marginal physical product (MPP), is one of two measures derived from total product. The other is average product.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching for rummage sales trying to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for celebrities who speak directly to you through your television.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"Old minds are like old horses; you must exercise them if you wish to keep them in working order. " -- John Adams, 2nd US president
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BHC
Bank Holding Company
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