|
|
MARGINAL PRODUCT CURVE: A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of the variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm in large part because economists are generally obsessed with marginal changes in production.
Visit the GLOSS*arama
|
|
|
|
|
SELF CORRECTION, INFLATIONARY GAP The automatic process in which the aggregate market eliminates an inflationary gap created by a short-run equilibrium that is greater than full employment through increases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close a recessionary gap with lower wages (and other resource prices).
Complete Entry | Visit the WEB*pedia |
|
|
GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a birthday greeting card for your mother that doesn't look like a greeting card or a handcrafted spice rack. Be on the lookout for poorly written technical manuals.
Your Complete Scope
This isn't me! What am I?
|
|
|
In the early 1900s around 300 automobile companies operated in the United States.
|
|
|
"Long-range goals keep you from being frustrated by short-term failures " -- J. C. Penney, Retailer
|
|
ITO
International Trade Organization
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
