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PPF: The abbreviation for production possibilities frontier, which is a curve that illustrates the production possibilities for the economy. A production possibilities frontier represents the boundary or frontier of the economy's production capabilities. That's why it's termed a production possibilities frontier (or PPF). As a frontier, it is the maximum production possible given existing (fixed) resources and technology. Producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. The law of increasing opportunity cost is what gives the curve its distinctive convex shape.

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TOTAL REVENUE, MONOPOLY

The revenue received by a monopoly firm for the sale of its output. Total revenue is one two bits of information a monopoly firm needs to calculate economic profit, the other is total cost. In general, total revenue is price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a monopoly firm, that charges different prices for different quantities, total revenue increases then decreases. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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John Maynard Keynes was born the same year Karl Marx died.
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