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REAL PRODUCTION: The market value of all production measured in constant prices, after adjusting for inflation. Real production is typically measured with real GDP.
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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Believe one who has tried it. " -- Virgil, Roman poet
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CIF
Cost, Insurance, Freight
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