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MARGINAL COST CURVE: A curve that graphically represents the relation between marginal cost incurred by a firm in the short-run product of a good or service and the quantity of output produced. This curve is constructed to capture the relation between marginal cost and the level of output, holding other variables, like technology and resource prices, constant. The marginal cost curve is U-shaped. Marginal cost is relatively high at small quantities of output, then as production increases, declines, reaches a minimum value, then rises. This shape of the marginal cost curve is directly attributable to increasing, then decreasing marginal returns (and the law of diminishing marginal returns).
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FACTOR PAYMENTS Payments made to scarce resources, or the factors of production (labor, capital, land, and entrepreneurship), in return for productive services. Factor payments are frequently categorized according to the services of the productive resource being rewarded. Wages are paid for the services of labor; interest is the payment for the services of capital, rent is the services for land, and profit is the factor payment to entrepreneurship.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for telephone calls from former employers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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TFP
otal Factor Productivity
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