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AGGREGATE SUPPLY CURVE: A graphical representation of the relation between real production and the price level, holding all ceteris paribus aggregate supply determinants constant. There are actually two separate aggregate supply curves, one for the long run and one for the short run. These aggregate supply curves are one side of the graphical presentation of the aggregate market. The other side is occupied by the aggregate demand curve.
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LAW OF DIMINISHING MARGINAL RETURNS A principle of short-run production stating that as a firm combines more of a variable input with a fixed input, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. It offers an explanation for the law of supply and the positive slope of the market supply curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Something in human nature causes us to start slacking off at our moment of greatest accomplishment. As you become successful, you will need a great deal of self-discipline not to lose your sense of balance, humility and commitment." -- H. Ross Perot
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MTN
Multilateral Trade Negotiations
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